Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Document and Entity Information [Abstract] | |
Document period end date | 31-Dec-14 |
Amendment flag | FALSE |
Entity registrant name | FRESENIUS MEDICAL CARE AG & Co. KGaA |
Entity current reporting status | Yes |
Entity voluntary filers | Yes |
Entity central index key | 1333141 |
Document type | 20-F |
Current fiscal year end date | -19 |
Entity filer category | Large Accelerated Filer |
Entity well known seasoned issuer | Yes |
Entity common stock shares outstanding | 303,555,300 |
Entity public float | $209,149,601.70 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | Q4 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net revenue: | |||
Dialysis Care Revenue | $12,552,646 | $11,414,734 | $10,772,124 |
Less: Patient service bad debt provision | 302,647 | 284,648 | 280,365 |
Net Dialysis Care | 12,249,999 | 11,130,086 | 10,491,759 |
Dialysis Products Revenue | 3,581,614 | 3,479,641 | 3,308,523 |
Net revenue | 15,831,613 | 14,609,727 | 13,800,282 |
Costs of revenue: | |||
Dialysis Care Cost of Revenue | 9,131,005 | 8,266,635 | 7,649,514 |
Dialysis Products Cost of Revenue | 1,704,762 | 1,604,695 | 1,549,515 |
Cost of revenues | 10,835,767 | 9,871,330 | 9,199,029 |
Gross profit | 4,995,846 | 4,738,397 | 4,601,253 |
Operating expenses: | |||
Selling, general and administrative | 2,644,660 | 2,391,927 | 2,224,715 |
Gain on sale of dialysis clinics | -623 | -9,426 | -36,224 |
Research and development | 122,114 | 125,805 | 111,631 |
Income from at equity method investees | 24,838 | 26,105 | 17,442 |
Other operating expenses | 0 | 0 | -100,000 |
Operating income | 2,254,533 | 2,256,196 | 2,218,573 |
Other (income) expense: | |||
Interest income | -84,240 | -38,942 | -44,474 |
Interest expense | 495,367 | 447,503 | 470,534 |
Investment gain | 139,600 | ||
Income before income taxes | 1,843,406 | 1,847,635 | 1,932,113 |
Income tax expense | 583,598 | 592,012 | 605,136 |
Net Income | 1,259,808 | 1,255,623 | 1,326,977 |
Less: Net income attributable to noncontrolling interests | 214,542 | 145,733 | 140,168 |
Net Income attributable to the Company | $1,045,266 | $1,109,890 | $1,186,809 |
Basic income per Ordinary share | $3.46 | $3.65 | $3.89 |
Fully diluted income per Ordinary share | $3.45 | $3.65 | $3.87 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Comprehensive Income | |||
Net Income | $1,259,808 | $1,255,623 | $1,326,977 |
Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Portion Attributable To Parent | 25,547 | 22,532 | 24,019 |
Actuarial gains (losses) on defined benefit pension plans | -215,161 | 64,989 | -103,178 |
(Loss) gain related to foreign currency translation | -421,789 | -114,439 | 63,803 |
Income tax (expense) benefit related to components of other comprehensive income | 68,161 | -33,600 | 8,831 |
Other comprehensive income (loss), net of tax | -543,242 | -60,518 | -6,525 |
Total comprehensive income | 716,566 | 1,195,105 | 1,320,452 |
Comprehensive income attributable to noncontrolling interests | -208,456 | -143,689 | -139,989 |
Comprehensive income attributable to the Company | $508,110 | $1,051,416 | $1,180,463 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $633,855 | $682,777 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 3,203,655 | 3,037,274 |
Accounts receivable from related parties | 193,225 | 153,118 |
Inventories | 1,115,554 | 1,097,104 |
Prepaid expenses and other current assets | 1,333,067 | 1,037,391 |
Deferred tax asset, current | 245,354 | 279,052 |
Total current assets | 6,724,710 | 6,286,716 |
Property, plant and equipment, net | 3,290,180 | 3,091,954 |
Intangible assets | 869,411 | 757,876 |
Goodwill | 13,082,180 | 11,658,187 |
Deferred tax asset, non-current | 141,052 | 104,167 |
Equity Method Investments | 676,822 | 664,446 |
Other assets | 662,746 | 556,560 |
Total assets | 25,447,101 | 23,119,906 |
Current liabilities: | ||
Accounts payable | 573,184 | 542,597 |
Accounts payable to related parties | 140,731 | 123,929 |
Accrued expenses and other current liabilities | 2,197,245 | 2,012,533 |
Short-term borrowings and other financial liabilities | 132,693 | 96,648 |
Short-term borrowings from related parties | 5,357 | 62,342 |
Current portion of long-term debt and capital lease obligations | 313,607 | 511,370 |
Income tax payable, current | 79,687 | 170,360 |
Deferred tax liability, current | 34,787 | 34,194 |
Total current liabilities | 3,477,291 | 3,553,973 |
Long-term debt and capital lease obligations less current maturities | 9,080,277 | 7,746,920 |
Other liabilities | 411,976 | 329,561 |
Pension liabilities | 642,318 | 435,858 |
Income tax payable, non-current | 177,601 | 176,933 |
Deferred tax liability, non-current | 804,609 | 743,390 |
Total liabilities | 14,594,072 | 12,986,635 |
Noncontrolling interests subject to put provisions | 824,658 | 648,251 |
Company shareholders' equity: | ||
Preferred stock, no par value, 1.00 Euro nominal value, 7,066,522 shares authorized, 3,973,333 issued and outstanding | ||
Common stock, no par value, 1.00 Euro nominal value, 392,462,972 shares authorized, 311,104,251 issued and 303,555,300 outstanding | 385,215 | 382,411 |
Additional paid-in capital | 3,546,075 | 3,530,337 |
Retained earnings | 7,104,780 | 6,377,417 |
Accumulated other comprehensive (loss) | -1,087,743 | -550,587 |
Total Company shareholders' equity | 9,443,313 | 9,234,564 |
Noncontrolling interests not subject to put provisions | 585,058 | 250,456 |
Total equity | 10,028,371 | 9,485,020 |
Total liabilities and equity | 25,447,101 | 23,119,906 |
Treasury stock, at cost | ($505,014) | ($505,014) |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ||
Trade accounts receivable allowance for doubtful accounts | $418,508 | $413,165 |
Common stock authorized | 392,462,972 | |
Common stock issued | 308,995,730 | |
Common stock outstanding | 301,446,779 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net Income | $1,259,808 | $1,255,623 | $1,326,977 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 699,328 | 648,225 | 602,896 |
Investment in equity method investees, net | 23,123 | 2,335 | 22,512 |
Change in deferred taxes, net | 113,790 | 15,913 | 75,170 |
(Gain) loss on sale of investments | -623 | -9,426 | -36,224 |
(Gain) loss on sale of fixed assets | 3,277 | -23,558 | 6,700 |
Investment gain | 139,600 | ||
Stock Option Compensation Expense | 8,507 | 13,593 | 26,476 |
Cash outflow from hedging | 0 | -4,073 | -13,947 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | -157,411 | -41,280 | -43,344 |
Inventories, net | -85,758 | -54,918 | -48,279 |
Prepaid expenses, other current and non-current assets | -24,179 | 67,875 | 88,413 |
Accounts receivable, related parties | -118,800 | -10,968 | -25,859 |
Accounts payable, related parties | 113,822 | -3,743 | 10,064 |
Accounts payable, accrued expenses and other current and non-current liabilities | 121,424 | 215,264 | 225,586 |
Income tax payable | -94,916 | -36,057 | -38,478 |
Net cash provided by (used in) operating activities | 1,861,392 | 2,034,805 | 2,039,063 |
Investing Activities: | |||
Purchases of property, plant and equipment | -931,627 | -747,938 | -675,310 |
Proceeds from sale of property, plant and equipment | 11,673 | 19,847 | 9,667 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | -1,779,058 | -495,725 | -1,878,908 |
Proceeds from divestitures | 8,257 | 18,276 | 263,306 |
Net cash (used in) provided by investing activities | -2,690,755 | -1,205,540 | -2,281,245 |
Effect of exchange rate changes on cash and cash equivalents | -24,570 | -26,488 | 4,590 |
Cash and Cash Equivalents: | |||
Net (decrease) in cash and cash equivalents | -48,922 | -5,263 | 230,748 |
Cash and cash equivalents at beginning of period | 682,777 | 688,040 | 457,292 |
Cash and cash equivalents at end of period | 633,855 | 682,777 | 688,040 |
Financing Activities: | |||
Proceeds from short-term borrowings and other financial liabilities | 197,481 | 381,603 | 174,391 |
Repayments of short-term borrowings and other financial liabilities | -171,889 | -397,682 | -163,059 |
Proceeds from short-term borrowings from related parties | 303,695 | 18,593 | 39,829 |
Repayments of short-term borrowings from related parties | -358,638 | -18,228 | -64,112 |
Proceeds from long-term debt and capital lease obligations (net of debt issuance costs of $178,593 in 2012 and $127,854 in 2011) | 2,910,611 | 441,278 | 4,750,730 |
Repayments of long-term debt and capital lease obligations | -1,647,978 | -617,499 | -3,589,013 |
Increase (decrease) of accounts receivable securitization program | -9,500 | 189,250 | -372,500 |
Proceeds from exercise of stock options | 107,047 | 111,300 | 121,126 |
Proceeds from conversion of preference shares into ordinary shares | 0 | -34,784 | |
Purchase of treasury stock | 0 | -505,014 | |
Payment of dividends [N] | -317,903 | -296,134 | -271,733 |
Distributions to Noncontrolling interests | -250,271 | -216,758 | -195,023 |
Contributions from noncontrolling interests | 42,356 | 66,467 | 37,704 |
Net cash (used in) provided by financing activities | $805,011 | ($808,040) | $468,340 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred Stock, No par value [Member] | Common Stock, No par value [Member] | Additional paid in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Total FMC-AG and Co. KGaA [Member] | Noncontrolling interests not subject to put provisions [Member] | Treasury Stock | Total Equity Domain [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||||
Shareholders equity at Dec. 31, 2011 | $4,452 | $371,649 | $3,362,633 | $4,648,585 | ($485,767) | $7,901,552 | $159,465 | $8,061,017 | ||
Shares issued at Dec. 31, 2011 | 3,965,691 | 300,164,922 | ||||||||
Proceeds from exercise of options and related tax effects | 10 | 3,266 | 110,510 | 113,786 | 113,786 | |||||
Shares from exercise of options and related tax effects | 7,642 | 2,574,836 | ||||||||
Compensation expense related to stock options | 26,476 | 26,476 | 26,476 | |||||||
Dividends paid | -271,733 | -271,733 | -271,733 | |||||||
Purchase (sale) of noncontrolling interests | -26,918 | -26,918 | 86,705 | 59,787 | ||||||
Cash contributions from noncontrolling interests | -26,428 | -26,428 | ||||||||
Changes in fair value of noncontrolling interests | 18,880 | 18,880 | 18,880 | |||||||
Comprehensive income (loss) | ||||||||||
Net Income | 1,186,809 | 1,186,809 | 45,450 | 1,232,259 | ||||||
Other comprehensive income (loss) - net | -6,346 | -6,346 | -438 | -6,784 | ||||||
Total comprehensive income | 1,180,463 | 45,012 | 1,225,475 | |||||||
Shareholders equity at Dec. 31, 2012 | 4,462 | 374,915 | 3,491,581 | 5,563,661 | -492,113 | 8,942,506 | 264,754 | 9,207,260 | ||
Shares issued at Dec. 31, 2012 | 3,973,333 | 302,739,758 | -7,548,951 | |||||||
Proceeds from exercise of options and related tax effects | 3 | 3,031 | 102,520 | 105,554 | 105,554 | |||||
Shares from exercise of options and related tax effects | 2,280,439 | 2,200 | ||||||||
Compensation expense related to stock options | 13,593 | 13,593 | 13,593 | |||||||
Dividends paid | -296,134 | -296,134 | -296,134 | |||||||
Purchase (sale) of noncontrolling interests | -3,566 | -3,566 | -11,607 | -15,173 | ||||||
Cash contributions from noncontrolling interests | -32,275 | -32,275 | ||||||||
Changes in fair value of noncontrolling interests | -108,575 | -108,575 | -108,575 | |||||||
Comprehensive income (loss) | ||||||||||
Net Income | 1,109,890 | 1,109,890 | 32,577 | 1,142,467 | ||||||
Other comprehensive income (loss) - net | -58,474 | -58,474 | -2,993 | -61,467 | ||||||
Total comprehensive income | 1,051,416 | 29,584 | 1,081,000 | |||||||
Proceeds from conversion of preference shares into ordinary shares | -34,784 | -4,465 | 4,465 | 34,784 | 34,784 | 34,784 | ||||
Proceeds From Repurchase Of Equity | -505,014 | -505,014 | -505,014 | |||||||
Shares converted from preference shares | -3,975,533 | 3,975,533 | ||||||||
Shareholders equity at Dec. 31, 2013 | 9,485,020 | 382,411 | 3,530,337 | 6,377,417 | -550,587 | 9,234,564 | 250,456 | -505,014 | 9,485,020 | |
Shares issued at Dec. 31, 2013 | 308,995,730 | -7,548,951 | ||||||||
Proceeds from exercise of options and related tax effects | 2,804 | 99,182 | 101,986 | 101,986 | ||||||
Shares from exercise of options and related tax effects | 2,108,521 | |||||||||
Compensation expense related to stock options | 8,507 | 8,507 | 8,507 | |||||||
Dividends paid | -317,903 | -317,903 | -317,903 | |||||||
Purchase (sale) of noncontrolling interests | -2,184 | -2,184 | 327,220 | 325,036 | ||||||
Cash contributions from noncontrolling interests | -71,054 | -71,054 | ||||||||
Changes in fair value of noncontrolling interests | -89,767 | -89,767 | -89,767 | |||||||
Comprehensive income (loss) | ||||||||||
Net Income | 1,045,266 | 1,045,266 | 80,949 | 1,126,215 | ||||||
Other comprehensive income (loss) - net | -537,156 | -537,156 | -2,513 | -539,669 | ||||||
Total comprehensive income | 508,110 | 78,436 | 586,546 | |||||||
Proceeds from conversion of preference shares into ordinary shares | 0 | |||||||||
Shareholders equity at Dec. 31, 2014 | $10,028,371 | $385,215 | $3,546,075 | $7,104,780 | ($1,087,743) | $9,443,313 | $585,058 | ($505,014) | $10,028,371 | |
Shares issued at Dec. 31, 2014 | 311,104,251 | -7,548,951 |
The_Company_and_Basis_of_Prese
The Company and Basis of Presentation | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||
The Company and Basis of Presentation | 1. The Company and Basis of Presentation | |||||
The Company | ||||||
Fresenius Medical Care AG & Co. KGaA (“FMC-AG & Co. KGaA” or the “Company”), a German partnership limited by shares (Kommanditgesellschaft auf Aktien), is the world's largest kidney dialysis company. The Company provides dialysis care services related to the dialysis treatment a patient receives with end-stage renal disease (“ESRD”), as well as other health care services. We describe our other health care services as “Care Coordination.” Care Coordination services include pharmacy services, vascular, cardiovascular and endovascular specialty services, non-dialysis laboratory testing services, physician services, hospitalist and intensivist services, health plan services and urgent care services, which, together with dialysis care services represent the Company's health care services. In addition, the Company also provides dialysis products for the treatment of ESRD, which includes manufacturing and distributing products such as hemodialysis machines, peritoneal cyclers, dialyzers, peritoneal solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals and systems for water treatment. The Company supplies dialysis clinics it owns, operates or manages with a broad range of products in addition to sales of dialysis products to other dialysis service providers. | ||||||
In these Notes, “FMC-AG & Co. KGaA,” or the “Company,” “we,” “us” or “our” refers to the Company or the Company and its subsidiaries on a consolidated basis, as the context requires. The term “North America Segment” refers to the North America operating segment. The term “International Segment” refers to the combined Europe, Middle East, Africa and Latin America (“EMEALA”) operating segment and the Asia-Pacific operating segment. For further discussion of our operating segments, see Note 24 “Segment and Corporate Information”. | ||||||
Basis of Presentation | ||||||
The accompanying consolidated financial statements have been prepared in accordance with the United States' generally accepted accounting principles (“U.S. GAAP”). | ||||||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Such financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments are of a normal recurring nature. | ||||||
Certain items, in the net aggregate amount of $37,970 and $13,670 for 2013 and 2012, respectively, relating to research and development, compensation expense and income from equity method investees have been reclassified in the prior years' comparative consolidated financial statements between the North America Segment, the International Segment and Corporate, as applicable, to conform to the current year's presentation. | ||||||
Summary of Significant Accounting Policies | ||||||
a) Principles of Consolidation | ||||||
The consolidated financial statements include the earnings of all companies in which the Company has legal or effective control. This includes variable interest entities (“VIEs”) for which the Company is deemed the primary beneficiary. The Company also consolidates certain clinics that it manages and financially controls. Noncontrolling interests represent the proportionate equity interests in the Company's consolidated entities that are not wholly owned by the Company. Noncontrolling interests of acquired entities are valued at fair value. The equity method of accounting is used for investments in associated companies over which the Company has significant exercisable influence, even when the Company holds 50% or less of the common stock of the entity. All significant intercompany transactions and balances have been eliminated. | ||||||
The Company has entered into various arrangements with certain legal entities whereby the entities' investors own disproportionate equity ownership interests in relation to the risks and rewards they retain for these arrangements or the entities are unable to provide their own funding for their operations. In these arrangements, the entities are VIEs in which the Company has been determined to be the primary beneficiary and which therefore have been fully consolidated. During 2014, the Company has consolidated 113 new VIEs in the North America Segment as a result of acquisitions. In the International Segment, the Company has consolidated five new VIEs as a result of acquisitions while three entities have ceased to be VIEs due to either an increase in the Company's shareholdings to 100% or a sale of a previously consolidated entity. The Company has provided some or all of the following services to the VIEs: management, financing or product supply. All VIEs generated approximately $533,652, $203,333 and $205,858 in revenue in 2014, 2013, and 2012, respectively. The Company provided funding to VIEs through loans and accounts receivable of $298,875 and $150,300 in 2014 and 2013, respectively. The table below shows the carrying amounts of the assets and liabilities of VIEs at December 31, 2014 and 2013: | ||||||
2014 | 2013 | |||||
Trade accounts receivable, net | $ | 195,369 | $ | 102,549 | ||
Other current assets | 232,487 | 59,695 | ||||
Property, plant and equipment, intangible assets & other non-current assets | 59,351 | 26,274 | ||||
Goodwill | 37,934 | 32,759 | ||||
Accounts payable, accrued expenses and other liabilities | 485,006 | 133,977 | ||||
Non-current loans from related parties | 28,985 | 12,998 | ||||
Equity | 11,150 | 74,302 | ||||
b) Cash and Cash Equivalents | ||||||
Cash and cash equivalents comprise cash funds and all short-term, liquid investments with original maturities of up to three months. | ||||||
Inventories | ||||||
Inventories are stated at the lower of cost (determined by using the average or first-in, first-out method) or market value (see Note 4). Costs included in inventories are based on invoiced costs and/or production costs or the marked to market valuation, as applicable. Included in production costs are material, direct labor and production overhead, including depreciation charges. | ||||||
Property, Plant and Equipment | ||||||
Property, plant, and equipment are stated at cost less accumulated depreciation (see Note 6). Significant improvements are capitalized; repairs and maintenance costs that do not extend the useful lives of the assets are charged to expense as incurred. Property and equipment under capital leases are stated at the present value of future minimum lease payments at the inception of the lease, less accumulated depreciation. Depreciation on property, plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets ranging from 3 to 40 years for buildings and improvements with a weighted average life of 13 years and 3 to 18 years for machinery and equipment with a weighted average life of 10 years. Equipment held under capital leases and leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Internal use platform software that is integral to the computer equipment it supports is included in property, plant and equipment. The Company capitalizes interest on borrowed funds during construction periods. Interest capitalized during 2014, 2013, and 2012 was $4,571, $7,358 and $3,952, respectively. | ||||||
Intangible Assets and Goodwill | ||||||
Intangible assets such as non-compete agreements, technology, distribution rights, patents, licenses to treat, licenses to manufacture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive licenses, trade names, management contracts, application software, acute care agreements, customer relationships and lease agreements are recognized and reported apart from goodwill (see Note 7). | ||||||
Goodwill and identifiable intangibles with indefinite useful lives are not amortized but tested for impairment annually or when an event becomes known that could trigger an impairment. The Company identified trade names and certain qualified management contracts as intangible assets with indefinite useful lives because, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over which those assets are expected to generate net cash inflows for the Company. Intangible assets with finite useful lives are amortized over their respective useful lives to their residual values. The Company amortizes non-compete agreements over their useful life which on average is 8 years. Technology is amortized over its useful life of 15 years. Licenses to manufacture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive licenses are amortized over their useful life which on average is 10 years. Customer relationships are amortized over their useful life of 12 years. All other intangible assets are amortized over their weighted average useful lives of 6 years. The weighted average useful life of all amortizable intangible assets is 9 years. Intangible assets with finite useful lives are evaluated for impairment when events have occurred that may give rise to an impairment. | ||||||
To perform the annual impairment test of goodwill, the Company identified its reporting units and determined their carrying value by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. One reporting unit was identified in the North America Segment. The EMEALA operating segment is divided into two reporting units (Europe and Latin America), while only one reporting unit exists in the operating segment Asia-Pacific. For the purpose of goodwill impairment testing, all corporate assets are allocated to the reporting units. | ||||||
In a first step, the Company compares the fair value of a reporting unit to its carrying amount. Fair value is determined using estimated future cash flows for the unit discounted by an after-tax weighted average cost of capital (“WACC”) specific to that reporting unit. Estimating the future cash flows involves significant assumptions, especially regarding future reimbursement rates and sales prices, number of treatments, sales volumes and costs. In determining discounted cash flows, the Company utilizes for every reporting unit, its three-year budget, projections for years 4 to 10 and a representative growth rate for all remaining years. Projections for up to ten years are possible due to the stability of the Company's business which, results from the non-discretionary nature of the health care services we provide, the need for products utilized to provide such services and the availability of government reimbursement for a substantial portion of our services. The reporting units' respective expected growth rates for the period beyond ten years are: North America Segment 1%, Europe 0%, Latin America 4%, and Asia-Pacific 4%. The discount factor is determined by the WACC of the respective reporting unit. The Company's WACC consisted of a basic rate of 6.01% for 2014. The basic rate is then adjusted by a country-specific risk rate and, if appropriate, by a factor to reflect higher risks associated with the cash flows from recent material acquisitions, until they are appropriately integrated, within each reporting unit. In 2014, WACCs for the reporting units ranged from 5.96% to 15.73%. | ||||||
In the case that the fair value of the reporting unit is less than its carrying value, a second step would be performed which compares the implied fair value of the reporting unit's goodwill to the carrying value of its goodwill. If the fair value of the goodwill is less than the carrying value, the difference is recorded as an impairment. | ||||||
To evaluate the recoverability of intangible assets with indefinite useful lives, the Company compares the fair values of intangible assets with their carrying values. An intangible asset's fair value is determined using a discounted cash flow approach or other methods, if appropriate. | ||||||
Derivative Financial Instruments | ||||||
Derivative financial instruments, which primarily include foreign currency forward contracts and interest rate swaps, are recognized as assets or liabilities at fair value in the balance sheet (see Note 21). From time to time, the Company may enter into other types of derivative instruments which are dealt with on a transaction by transaction basis. Changes in the fair value of derivative financial instruments classified as fair value hedges and in the corresponding underlying assets and liabilities are recognized periodically in earnings, while the effective portion of changes in fair value of derivative financial instruments classified as cash flow hedges is recognized in accumulated other comprehensive income (loss) (“AOCI”) in shareholders' equity. The ineffective portion is recognized in current net earnings. The change in fair value of derivatives that do not qualify for hedge accounting are recorded in the income statement and usually offset the changes in value recorded in the income statement for the underlying asset or liability. | ||||||
Foreign Currency Translation | ||||||
For purposes of these consolidated financial statements, the U.S. dollar is the reporting currency. Substantially all assets and liabilities of the parent company and all non-U.S. subsidiaries are translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates. Adjustments for foreign currency translation fluctuations are excluded from net earnings and are reported in AOCI. In addition, the translation adjustments of certain intercompany borrowings, which are of a long-term nature, are reported in AOCI. | ||||||
Revenue Recognition and Allowance for Doubtful Accounts | ||||||
Revenue Recognition | ||||||
Health care revenues, other than the hospitalist revenues discussed below, are recognized on the date the patient receives treatment and includes amounts related to certain services, products and supplies utilized in providing such treatment. The patient is obligated to pay for health care services at amounts estimated to be receivable based upon the Company's standard rates or at rates determined under reimbursement arrangements. In the U.S., these arrangements are generally with third party payors, like Medicare, Medicaid or commercial insurers. Outside the U.S., the reimbursement is usually made through national or local government programs with reimbursement rates established by statute or regulation. | ||||||
Dialysis product revenues are recognized upon transfer of title to the customer, either at the time of shipment, upon receipt or upon any other terms that clearly define passage of title. Product revenues are normally based upon pre-determined rates that are established by contractual arrangement. | ||||||
For both health care revenues and dialysis product revenues, patients, third party payors and customers are billed at our standard rates net of contractual allowances, discounts or rebates to reflect the estimated amounts to be receivable from these payors. | ||||||
Hospitalist revenues are reported at the estimated net realizable amount from third-party payors, client hospitals, and others at the time services are provided. Third-party payors include federal and state agencies (under the Medicare and Medicaid programs), managed care health plans, and commercial insurance companies. Inpatient acute care services rendered to Medicare and Medicaid program beneficiaries are paid according to a fee-for-service schedule. These rates vary according to a patient classification system that is based on clinical, diagnostic and other factors. Inpatient acute services generated through payment arrangements with managed care health plans and commercial insurance companies are recorded on an accrual basis in the period in which services are provided at established rates. Contractual adjustments and bad debts are recorded as deductions from gross revenue to determine net revenue. In addition to the net patient service revenue described below, the company receives subsidies from hospitals to provide hospitalist services. | ||||||
As of January 1, 2012, the Company adopted ASU 2011-07, Health Care Entities-Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts and as a result, for services performed for patients where the collection of the billed amount or a portion of the billed amount cannot be determined at the time services are performed, the difference between the receivable recorded and the amount estimated to be collectible must be recorded as a provision and the expense is presented as a reduction of health care revenue. The provision includes such items as amounts due from patients without adequate insurance coverage and patient co-payment and deductible amounts due from patients with health care coverage. The Company bases the provision mainly on past collection history and reports it as “Patient service bad debt provision” on the Consolidated Statements of Income. | ||||||
A minor portion of International Segment product revenues is generated from arrangements which give the customer, typically a healthcare provider, the right to use dialysis machines. In the same contract the customer agrees to purchase the related treatment disposables at a price marked up from the standard price list. If the right to use the machine is conveyed through an operating lease, FMC-AG & Co. KGaA does not recognize revenue upon delivery of the dialysis machine but recognizes revenue on the sale of disposables. If the lease of the machines is a sales type lease, ownership of the dialysis machine is transferred to the user upon installation of the dialysis machine at the customer site. In this type of contract, revenue is recognized in accordance with the accounting principles for sales type leases. | ||||||
Any tax assessed by a governmental authority that is incurred as a result of a revenue transaction (e.g. sales tax) is excluded from revenues and the related revenue is reported on a net basis. | ||||||
Allowance for doubtful accounts | ||||||
In the North America Segment for receivables generated from health care services, the accounting for the allowance for doubtful accounts is based on an analysis of collection experience and recognizing the differences between payors. The Company also performs an aging of accounts receivable which enables the review of each customer and their payment pattern. From time to time, accounts receivable are reviewed for changes from the historic collection experience to ensure the appropriateness of the allowances. | ||||||
The allowance for doubtful accounts in the International Segment and the North America Segment dialysis products business is an estimate comprised of customer specific evaluations regarding their payment history, current financial stability, and applicable country specific risks for receivables that are overdue more than one year. The changes in the allowance for these receivables are recorded in Selling, general and administrative as an expense. | ||||||
When all efforts to collect a receivable, including the use of outside sources where required and allowed, have been exhausted, and after appropriate management review, a receivable deemed to be uncollectible is considered a bad debt and written off. | ||||||
Research and Development expenses | ||||||
Research and development expenses are expensed as incurred. | ||||||
Income Taxes | ||||||
Current taxes are calculated based on the profit (loss) of the fiscal year and in accordance with local tax rules of the respective tax jurisdictions. Expected and executed additional tax payments and tax refunds for prior years are also taken into account. Benefits from income tax positions have been recognized only when it was more likely than not that the Company would be entitled to the economic benefits of the tax positions. The more-likely-than-not threshold has been determined based on the technical merits that the position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, management estimates the largest amount of tax benefit that is more than fifty percent likely to be realized upon settlement with a taxing authority, which becomes the amount of benefit recognized. If a tax position is not considered more likely than not to be sustained based solely on its technical merits, no benefits are recognized. | ||||||
The Company recognizes deferred tax assets and liabilities for future consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, tax credits and tax loss carryforwards which are more likely than not to be utilized. Deferred tax assets and liabilities are measured using the respective countries enacted tax rates to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, the recognition of deferred tax assets considers the budget planning of the Company and implemented tax strategies. A valuation allowance is recorded to reduce the carrying amount of the deferred tax assets unless it is more likely than not that such assets will be realized (see Note 18). | ||||||
It is the Company's policy that assets on uncertain tax positions are recognized to the extent it is more likely than not the tax will be recovered. It is also the Company's policy to recognize interest and penalties related to its tax positions as income tax expense. | ||||||
Impairment | ||||||
The Company reviews the carrying value of its long-lived assets or asset groups with definite useful lives to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying value of an asset to the future net cash flows directly associated with the asset. If assets are considered to be impaired, the impairment recognized is the amount by which the carrying value exceeds the fair value of the asset. The Company uses a discounted cash flow approach or other methods, if appropriate, to assess fair value. | ||||||
Long-lived assets to be disposed of by sale are reported at the lower of carrying value or fair value less cost to sell and depreciation is ceased. Long-lived assets to be disposed of other than by sale are considered to be held and used until disposal. | ||||||
For the Company's policy related to goodwill impairment, see 1e) above. | ||||||
Debt Issuance Costs | ||||||
Certain costs related to the issuance of debt are amortized over the term of the related obligation (see Note 11). | ||||||
Self-Insurance Programs | ||||||
Under the insurance programs for professional, product and general liability, auto liability and worker's compensation claims, the Company's largest subsidiary is partially self-insured for professional liability claims. For all other coverage, the Company assumes responsibility for incurred claims up to predetermined amounts above which third party insurance applies. Reported liabilities for the year represent estimated future payments of the anticipated expense for claims incurred (both reported and incurred but not reported) based on historical experience and existing claim activity. This experience includes both the rate of claims incidence (number) and claim severity (cost) and is combined with individual claim expectations to estimate the reported amounts. | ||||||
Concentration of Risk | ||||||
The Company is engaged in the manufacture and sale of products for all forms of kidney dialysis, principally to healthcare providers throughout the world, and in providing kidney dialysis treatment. The Company also provides additional health care services under Care Coordination. The Company performs ongoing evaluations of its customers' financial condition and, generally, requires no collateral. | ||||||
Approximately 31%, 32% and 32% of the Company's worldwide revenues were earned and subject to regulations under Medicare and Medicaid, governmental healthcare programs administered by the United States government in 2014, 2013, and 2012, respectively. | ||||||
No single debtor other than U.S. Medicare and Medicaid accounted for more than 5% of total trade accounts receivable in any of these years. Trade accounts receivable in the International Segment are for a large part due from government or government-sponsored organizations that are established in the various countries within which we operate. Amounts pending approval from third party payors represent less than 3% at December 31, 2014. | ||||||
See Note 4 for discussion of suppliers with long-term purchase commitments. | ||||||
Legal Contingencies | ||||||
From time to time, during the ordinary course of the Company's operations, the Company is party to litigation and arbitration and is subject to investigations relating to various aspects of its business (see Note 20). The Company regularly analyzes current information about such claims for probable losses and provides accruals for such matters, including the estimated legal expenses and consulting services in connection with these matters, as appropriate. The Company utilizes its internal legal department as well as external resources for these assessments. In making the decision regarding the need for loss accrual, the Company considers the degree of probability of an unfavorable outcome and its ability to make a reasonable estimate of the amount of loss. | ||||||
The filing of a suit or formal assertion of a claim or assessment, or the disclosure of any such suit or assertion, does not necessarily indicate that accrual of a loss is appropriate. | ||||||
Earnings per Share | ||||||
Basic earnings per share is calculated by dividing net income attributable to shareholders by the weighted average number of shares outstanding during the year. Prior to the conversion of preference shares to ordinary shares during the second quarter of 2013, basic earnings per share was computed according to the two-class method by dividing net income attributable to shareholders, less preference amounts, by the weighted number of ordinary and preference shares outstanding during the year. Diluted earnings per share include the effect of all potentially dilutive instruments on ordinary shares and previously outstanding preference shares that would have been outstanding during the years presented had the dilutive instruments been issued. | ||||||
Equity-settled awards granted under the Company's stock incentive plans (see Note 17), are potentially dilutive equity instruments. | ||||||
Treasury Stock | ||||||
The Company may, from time to time, acquire its own shares (“Treasury Stock”) as approved by its shareholders. The acquisition, sale or retirement of its Treasury Stock is recorded separately in equity. For the calculation of basic earnings per share, treasury stock is not considered outstanding and is therefore deducted from the number of shares outstanding with the value of such Treasury Stock shown as a reduction of the Company's equity. | ||||||
Employee Benefit Plans | ||||||
For the Company's funded benefit plans, the defined benefit obligation is offset against the fair value of plan assets (funded status). A pension liability is recognized in the Consolidated Balance Sheets if the defined benefit obligation exceeds the fair value of plan assets. A pension asset is recognized (and reported under “Other assets and notes receivables” in the Consolidated Balance Sheets) if the fair value of plan assets exceeds the defined benefit obligation and if the Company has a right of reimbursement against the fund or a right to reduce future payments to the fund. Changes in the funded status of a plan resulting from actuarial gains or losses and prior service costs or credits that are not recognized as components of the net periodic benefit cost are recognized through accumulated other comprehensive income, net of tax, in the year in which they occur. Actuarial gains or losses and prior service costs are subsequently recognized as components of net periodic benefit cost when realized. The Company uses December 31 as the measurement date when measuring the funded status of all plans. | ||||||
Recent Pronouncements | ||||||
Recently Implemented Accounting Pronouncements | ||||||
On February 28, 2013 FASB issued Accounting Standards Update 2013-04 (“ASU 2013-04”) Liabilities (Topic 405), Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligations is Fixed at the Reporting Date. ASU 2013-04's objective is to provide guidance and clarification on the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements such as debt arrangements, other contractual obligations and settled litigation and judicial rulings. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2013. We adopted ASU 2013-04 as of January 1, 2014. ASU 2013-04 does not have a material impact on our consolidated financial statements. | ||||||
On March 4, 2013 FASB issued Accounting Standards Update 2013-05 (“ASU 2013-05”) Foreign Currency Matters (Topic 830), Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The purpose of ASU 2013-05 is to provide clarification and further refinement regarding the treatment of the release of a cumulative translation adjustment into net income. This occurs in instances where the parent sells either a part or all of its investment in a foreign entity, as well as when a company ceases to hold a controlling interest in a subsidiary or group of assets that is a nonprofit activity or business within a foreign entity. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2013. We adopted ASU 2013-05 as of January 1, 2014. ASU 2013-05 does not have a material impact on the Company and its consolidated financial statements. | ||||||
On June 19, 2014, FASB issued Accounting Standards Update 2014-12 (“ASU 2014-12”), Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2015. Early adoption is permitted. We utilized and will continue to utilize the guidance updated by this ASU and as such there is no expected impact on our Consolidated Financial Statements. | ||||||
On July 18, 2013, FASB issued Accounting Standards Update 2013-11 (“ASU 2013-11”) Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The purpose of ASU 2013-11 is to align the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. In most cases, the unrecognized tax benefit should be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2013. We adopted ASU 2013-11 as of January 1, 2014. ASU 2013-11 does not have a material impact on the Company and its consolidated financial statements. | ||||||
On November 4, 2014 FASB issued Accounting Standards Update 2014-16 (“ASU 2014-16”) Derivatives and Hedging (Topic 815), Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. ASU 2014-16's objective is to eliminate the use of different methods in practice and thereby reduce existing diversity under GAAP in the accounting for hybrid financial instruments issued in the form of a share. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2015. As early adoption is permissible and the Company's financial statements are in conformity with the update, the Company has adopted ASU 2014-16 as of November 4, 2014. ASU 2014-16 does not have a material impact on the Company and its consolidated financial statements. | ||||||
On November 18, 2014 FASB issued Accounting Standards Update 2014-17 (“ASU 2014-17”) Business Combinations (Topic 805): Pushdown Accounting. ASU 2014-17's objective is to provide an acquired entity with an option to apply pushdown accounting in its separate financial statements. This option is given upon occurrence of an event in which an acquirer obtains control of the acquired entity. The update is effective on November 18, 2014 and has been adopted by the Company as of November 18, 2014. ASU 2014-17 does not have an impact on the Company and its consolidated financial statements. | ||||||
Recent Accounting Pronouncements Not Yet Adopted | ||||||
On January 23, 2014, FASB issued Accounting Standards Update 2014-05 (“ASU 2014-05”) Service Concession Arrangements (Topic 853). ASU 2014-05's objective is to specify that an operating entity should not account for a service concession arrangement that is within the scope of ASU 2014-05 as a lease. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2014. ASU 2014-05 will not have a material impact on the Company and its Consolidated Financial Statements. | ||||||
On April 10, 2014 FASB issued Accounting Standards Update 2014-08 (“ASU 2014-08”) Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08's objective is to reduce the complexity and difficulty in applying guidance for discontinued operations. ASU 2014-08's main focus is to limit the presentation to disposals representing a strategic shift that has a major effect on operations or financial results. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2014. Currently, ASU 2014-08 will not have an impact on our Consolidated Financial Statements. | ||||||
On May 28, 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers, Topic 606. Simultaneously, the IASB published its equivalent revenue standard, “IFRS 15,” Revenue from Contracts with Customers. The standards are the result of a convergence project between FASB and the IASB. This update specifies how and when companies reporting under U.S. GAAP will recognize revenue as well as providing users of financial statements with more informative and relevant disclosures. ASU 2014-09 supersedes some guidance included in topic 605, Revenue Recognition, some guidance within the scope of Topic 360, Property, Plant, and Equipment, and some guidance within the scope of Topic 350, Intangibles - Goodwill and Other. This ASU applies to nearly all contracts with customers, unless those contracts are within the scope of other standards (for example, lease contracts or insurance contracts). This update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2016. Earlier adoption is not permitted. We are currently evaluating the impact of 2014-09 on our Consolidated Financial Statements. | ||||||
On June 12, 2014, FASB issued Accounting Standards Update 2014-11 (“ASU 2014-11”), Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, which aligns the accounting for repurchase-to-maturity transactions and repurchase financing arrangements with the accounting for other typical repurchase agreements, i.e these transactions will be accounted for as secured borrowings. ASU 2014-11 also requires additional disclosures about repurchase agreements and other similar transactions. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2014. ASU 2014-11 will not have a material impact on the Company and its Consolidated Financial Statements. | ||||||
Acquisitions_And_Investments
Acquisitions And Investments | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Consolidated Financial Statements [Abstract] | |
Acquisitions and Investments | 2. Acquisitions, Investments and Purchases of Intangible Assets |
During 2014, the Company completed acquisitions, made investments, and purchased intangible assets in the amount of $1,986,732, including those listed below. Of this amount, $1,779,058 were paid in cash and $207,674 were assumed obligations and pending payments for purchase considerations. Unaudited pro forma results of operations assuming these acquisitions had taken place at the beginning of each period are not provided because the historical operating results of the acquired companies were not significant. | |
Acquisitions | |
The Company's acquisition spending was driven primarily by the purchase of dialysis clinics in the normal course of its operations and the expansion of Care Coordination activities in 2014. | |
The aggregate purchase price of all collectively and individually non-material acquisitions during the year was $1,687,195, net of cash acquired. Of this amount, $1,479,521 were paid in cash and $207,674 were assumed obligations and pending payments for purchase considerations. Based on preliminary purchase price allocations, the Company recorded $1,713,206 of goodwill and $196,281 of intangible assets, which represent the share of both controlling and noncontrolling interests. Goodwill arose principally due to the fair value of the acquired established streams of future cash flows for these acquisitions versus building similar franchises. | |
On May 23, 2014, the Company acquired MedSpring Urgent Care Centers (“MedSpring”) with operations in Illinois and Texas. MedSpring's 14 urgent care centers provide convenient, consistent, high-quality primary care and customer service. | |
On July 1, 2014, the Company completed a transaction to become the controlling majority shareholder of the U.S. based company Sound Inpatient Physicians, Inc. (“Sound”), a physician services organization focused on hospitalist and post-acute care services. This business was acquired to expand the Company's hospitalist services to further increase the quality of care to our patients. Sound has more than 1,000 physician partners providing care in over 100 hospitals and post-acute care centers across the United States. | |
On October 21, 2014, the Company acquired National Cardiovascular Partners (“NCP”). NCP is the leading operator of endovascular, vascular and cardiovascular specialty services. In partnership with over 200 physicians, NCP operates 21 outpatient cardiac catheterization and vascular laboratories in six states. | |
On November 21, 2014, the Company, through Sound, acquired Cogent Healthcare (“Cogent”) with more than 650 providers, who offer hospitalist and intensivist services to more than 80 hospitals throughout the United States. Combined, the expanded Sound Physicians organization will now serve over 180 hospitals in 35 states with more than 1,750 providers including physicians and advanced care practitioners. | |
The intangible assets associated with these acquisitions consist primarily of customer relationships and tradenames at fair value to be amortized on a straight-line basis over a weighted average period of approximately 8-9 years. | |
Business combinations during 2014 decreased the Company's Net Income (Net Income attributable to the shareholders of FMC-AG & Co. KGaA) by $3,598, including the costs of the acquisitions, and Net Revenue increased by $541,070. Total Assets increased $2,505,027 due to business combinations. | |
Investments and Purchases of Intangible Assets | |
Investments and purchases of intangible assets were $299,537 for the period ended December 31, 2014. This amount was primarily driven by an investment in available for sale financial assets as well as deferred acquisition payments and notes receivables related to an equity method investee. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
Related Party Transactions | 3. Related Party Transactions | ||||||||||||||||||||||||||||||
The Company's parent, Fresenius SE & Co. KGaA (“Fresenius SE”), a German partnership limited by shares, owns 100% of the share capital of Fresenius Medical Care Management AG, the Company's general partner (“General Partner”). Fresenius SE is also the Company's largest shareholder and owns approximately 31.1% of the Company's outstanding shares at December 31, 2014. The Company has entered into certain arrangements for services, leases and products with Fresenius SE or its subsidiaries and with certain of the Company's equity method investees as described in item a) below. The Company's terms related to the receivables or payables for these services, leases and products are generally consistent with the normal terms of the Company's ordinary course of business transactions with unrelated parties. Financing arrangements as described in item b) below have agreed upon terms which are determined at the time such financing transactions occur and reflect market rates at the time of the transaction. The relationship between the Company and its key management personnel who are considered to be related parties is described in item c) below. Our related party transactions are settled through Fresenius SE's cash management system where appropriate. | |||||||||||||||||||||||||||||||
a) Service Agreements, Lease Agreements and Products | |||||||||||||||||||||||||||||||
The Company is party to service agreements with Fresenius SE and certain of its affiliates (collectively the “Fresenius SE Companies”) to receive services, including, but not limited to: administrative services, management information services, employee benefit administration, insurance, information technology services, tax services and treasury management services. The Company also provides certain services to the Fresenius SE Companies, including research and development, central purchasing and warehousing. Under these agreements, the Company also performs clinical studies and marketing and distribution services for certain of its equity method investees. These related party agreements generally have a duration of 1-5 years and are renegotiated on an as needed basis when the agreement comes due. | |||||||||||||||||||||||||||||||
The Company is a party to real estate operating lease agreements with the Fresenius SE Companies, which include leases for the Company's corporate headquarters in Bad Homburg, Germany and production sites in Schweinfurt and St. Wendel, Germany. The majority of the leases expire in 2016 and contain renewal options. As of December 31, 2014, future minimum rental payments under these non-cancelable operating leases with Fresenius SE and other affiliates were $55,163 and $83,944, respectively. These minimum rental payments are included within the amounts disclosed in Note 19. | |||||||||||||||||||||||||||||||
In addition to the above mentioned service and lease agreements, the Company sold products to the Fresenius SE Companies and made purchases from the Fresenius SE Companies. In addition, Fresenius Medical Care Holdings, Inc. (“FMCH”) purchases heparin supplied by Fresenius Kabi USA, Inc. (“Kabi USA”), through an independent group purchasing organization (“GPO”). Kabi USA is wholly-owned by Fresenius Kabi AG, a wholly-owned subsidiary of Fresenius SE. The Company has no direct supply agreement with Kabi USA and does not submit purchase orders directly to Kabi USA. FMCH acquires heparin from Kabi USA, through the GPO contract, which was negotiated by the GPO at arm's length on behalf of all members of the GPO. | |||||||||||||||||||||||||||||||
The Company entered into an agreement with a Fresenius SE company for the manufacturing of plasma collection devices. The Company agreed to produce 3,500 units which can be further increased to a maximum of 4,550 units, over the length of the five year contract. A contract was signed on January 1, 2015 to sell certain assets and liabilities related to the manufacturing facility to Kabi USA in the amount of $9,327. The disposal will be accounted for as a transaction between parties under common control. | |||||||||||||||||||||||||||||||
Below is a summary, including the Company's receivables from and payables to the indicated parties resulting from the above described transactions with related parties. | |||||||||||||||||||||||||||||||
Service Agreements, Lease Agreements and Products | |||||||||||||||||||||||||||||||
For the year ended December 31, 2014 | For the year ended December 31, 2013 | For the year ended December 31, 2012 | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Sales of goods and services | Purchases of goods and services | Sales of goods and services | Purchases of goods and services | Sales of goods and services | Purchases of goods and services | Accounts Receivables | Accounts Payables | Accounts Receivables | Accounts Payables | ||||||||||||||||||||||
Service Agreements | |||||||||||||||||||||||||||||||
Fresenius SE | 380 | 21,788 | 807 | 21,059 | 129 | 19,926 | 106 | 3,134 | 245 | 2,365 | |||||||||||||||||||||
Fresenius SE affiliates | 7,956 | 68,236 | 6,743 | 82,518 | 5,681 | 60,852 | 1,396 | 2,462 | 975 | 1,900 | |||||||||||||||||||||
Equity method investees | 17,911 | - | 21,647 | - | 26,602 | - | 4,265 | 270 | 20,336 | - | |||||||||||||||||||||
Total | $ | 26,247 | $ | 90,024 | $ | 29,197 | $ | 103,577 | $ | 32,412 | $ | 80,778 | $ | 5,767 | $ | 5,866 | $ | 21,556 | $ | 4,265 | |||||||||||
Lease Agreements | |||||||||||||||||||||||||||||||
Fresenius SE | - | 10,554 | - | 9,865 | - | 9,126 | - | - | - | - | |||||||||||||||||||||
Fresenius SE affiliates | - | 17,389 | - | 17,111 | - | 16,053 | - | - | - | - | |||||||||||||||||||||
Total | $ | - | $ | 27,943 | $ | - | $ | 26,976 | $ | - | $ | 25,179 | $ | - | $ | - | $ | - | $ | - | |||||||||||
Products | |||||||||||||||||||||||||||||||
Fresenius SE | 1 | - | 17 | - | 13 | - | - | - | - | - | |||||||||||||||||||||
Fresenius SE affiliates | 63,917 | 44,754 | 30,045 | 51,901 | 22,085 | 60,208 | 18,352 | 4,132 | 18,587 | 7,231 | |||||||||||||||||||||
Total | $ | 63,918 | $ | 44,754 | $ | 30,062 | $ | 51,901 | $ | 22,098 | $ | 60,208 | $ | 18,352 | $ | 4,132 | $ | 18,587 | $ | 7,231 | |||||||||||
b) Financing | |||||||||||||||||||||||||||||||
The Company receives short-term financing from and provides short-term financing to Fresenius SE. The Company also utilizes Fresenius SE's cash management system for the settlement of certain intercompany receivables and payables with its subsidiaries and other related parties. As of December 31, 2014 and December 31, 2013, the Company had accounts receivables from Fresenius SE related to short-term financing in the amount of $146,144 and $112,568, respectively. As of December 31, 2014 and December 31, 2013, the Company had accounts payables to Fresenius SE related to short-term financing in the amount of $103,386 and $102,731, respectively. The interest rates for these cash management arrangements are set on a daily basis and are based on the then-prevailing overnight reference rate for the respective currencies. | |||||||||||||||||||||||||||||||
On May 23, 2014, the Company repaid a Chinese Yuan Renminbi (“CNY”) loan upon its maturity of 360,794 ($57,854), including interest, to a subsidiary of Fresenius SE. | |||||||||||||||||||||||||||||||
On June 12, 2014, the Company provided a one-year unsecured term loan to one of its equity method investees in the amount of $22,500 at an interest rate of 2.5366%. The loan agreement contains automatic one year renewals and requires a six-month termination notice. | |||||||||||||||||||||||||||||||
On August 19, 2009, the Company borrowed €1,500 ($1,821 at December 31, 2014) from the General Partner on an unsecured basis at 1.335%. The loan repayment has been extended periodically and is currently due August 20, 2015 with an interest rate of 1.849%. On November 28, 2013, the Company borrowed an additional €1,500 ($1,821 at December 31, 2014) from the General Partner at 1.875%. This loan is due on November 27, 2015 with an interest rate of 1.506%. | |||||||||||||||||||||||||||||||
At December 31, 2014, the Company borrowed from Fresenius SE €1,400 ($1,700 at December 31, 2014) on an unsecured basis at an interest rate of 1.188%. Subsequent to December 31, 2014, the Company received additional advances from Fresenius SE increasing the amount borrowed to €27,200 ($33,024) and is due on February 27, 2015. For further information on this loan agreement, see Note 10. “Short-Term Borrowings, Other Financial Liabilities and Short-Term Borrowings from Related Parties – Short-Term Borrowings from Related Parties.” | |||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, a subsidiary of Fresenius SE held unsecured Senior Notes issued by the Company in the amount of €8,300 and €11,800 ($10,077 at December 31, 2014 and $16,273 at December 31, 2013), respectively. The Senior Notes were issued in 2011 and 2012, mature in 2021 and 2019, respectively, and each have a coupon rate of 5.25%. For further information on the Senior Notes, see Note 11. “Long-Term Debt and Capital Lease Obligations – Senior Notes”. | |||||||||||||||||||||||||||||||
At December 31, 2014 Fresenius SE held unsecured Senior Notes issued by the Company in the amount of $1,170. The Senior Notes were issued in 2014, mature in 2020 and 2024, respectively, and have a coupon rate of 4.125% and 4.75%. As of January 7, 2015, Fresenius SE sold all positions held on these Senior Notes. For further information on the Senior Notes, see Note 11 “Long-Term Debt and Capital Lease Obligations – Senior Notes”. | |||||||||||||||||||||||||||||||
c) Key Management Personnel | |||||||||||||||||||||||||||||||
Due to the legal form of a German partnership limited by shares, the General Partner holds a key management position within the Company. In addition members of the Management Board and the Supervisory Board as key management personnel, as well as their close relatives, are considered related parties. | |||||||||||||||||||||||||||||||
The Company's Articles of Association provide that the General Partner shall be reimbursed for any and all expenses in connection with management of the Company's business, including remuneration of the members of the General Partner's supervisory board and the members of the General Partner's management board. The aggregate amount reimbursed to the General Partner was $25,511, $16,327 and $18,995, respectively, for its management services during 2014, 2013 and 2012 and included an annual fee of $159, $159 and $94, respectively, as compensation for assuming liability as general partner. The annual fee is set at 4% of the amount of the General Partner's share capital (€3,000 as of December 31, 2014). As of December 31, 2014 and December 31, 2013, the Company had accounts receivable from the General Partner in the amount of $462 and $407, respectively. As of December 31, 2014 and December 31, 2013, the Company had accounts payable to the General Partner in the amount of $27,347 and $9,702, respectively. | |||||||||||||||||||||||||||||||
The Chairman of the Company's Supervisory Board is also the Chairman of the Supervisory Board of Fresenius SE and of the general partner of Fresenius SE. He is also a member of the Supervisory Board of the Company's General Partner. | |||||||||||||||||||||||||||||||
The Vice Chairman of the Company's Supervisory Board is a member of the Supervisory Board of the general partner of Fresenius SE and Vice Chairman of the Supervisory Board of the Company's General Partner. He is also Chairman of the Advisory Board of a charitable foundation that is the sole shareholder of the general partner of Fresenius SE. He is also a partner in a law firm which provided services to the Company and certain of its subsidiaries. The Company incurred expenses in the amount of $1,957, $1,268, and $1,519 for these services during 2014, 2013 and 2012, respectively. Five of the six members of the Company's Supervisory Board, including the Chairman and Vice Chairman, are also members of the Supervisory Board of the Company's General Partner. | |||||||||||||||||||||||||||||||
The Chairman of the Supervisory Board of the Company's general partner is also the Chairman of the Management Board of the general partner of Fresenius SE, and the Chairman and Chief Executive Officer of the Management Board of the Company's general partner is a member of the Management Board of the general partner of Fresenius SE. |
Inventories
Inventories | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||
Inventories | 4. Inventories | ||||||
At December 31, 2014 and December 31, 2013, inventories consisted of the following: | |||||||
2014 | 2013 | ||||||
Finished goods | $ | 677,110 | $ | 640,355 | |||
Raw materials and purchased components | 197,920 | 185,146 | |||||
Health care supplies | 170,614 | 195,519 | |||||
Work in process | 69,910 | 76,084 | |||||
Inventories | $ | 1,115,554 | $ | 1,097,104 | |||
Under the terms of certain unconditional purchase agreements, the Company is obligated to purchase approximately $443,658 of materials, of which $206,054 is committed at December 31, 2014 for 2015. The terms of these agreements run 1 to 6 years. | |||||||
Healthcare supplies inventories at December 31, 2014 and 2013 included $34,752 and $33,294, respectively, of Erythropoietin ("EPO"). The Company's previous contract with its EPO supplier, Amgen Inc. (“Amgen”) expired on December 31, 2014. As a result, the Company entered into a new four-year sourcing and supply agreement with Amgen. | |||||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||
Other Current Assets Disclosure [Text Block] | 5. Prepaid Expenses and Other Current Assets | |||||
At December 31, 2014 and 2013, prepaid expenses and other current assets consisted of the following: | ||||||
2014 | 2013 | |||||
Taxes Receivable | $ | 318,480 | $ | 133,673 | ||
Available for sale financial assets(1) | 168,062 | 29,185 | ||||
Cost Report Receivable from Medicare and Medicaid | 137,543 | 130,236 | ||||
Receivables for supplier rebates | 85,548 | 105,994 | ||||
Other deferred charges | 58,315 | 62,555 | ||||
Leases receivable | 55,503 | 48,538 | ||||
Prepaid rent | 53,015 | 49,409 | ||||
Amounts due from managed locations | 34,054 | 22,676 | ||||
Payments on account | 30,680 | 33,934 | ||||
Derivatives | 28,241 | 16,664 | ||||
Prepaid insurance | 21,290 | 11,854 | ||||
Deposit / Guarantee / Security | 19,447 | 19,212 | ||||
Receivable for sale of investment to third party | 9,335 | 21,846 | ||||
Other | 313,554 | 351,615 | ||||
Total prepaid expenses and other current assets | $ | 1,333,067 | $ | 1,037,391 | ||
(1) The impact on the Consolidated Statements of Income and the Consolidated Statements of Shareholders' Equity is not material. | ||||||
The item “Other” in the table above includes interest receivables, notes receivables and loans to customers |
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||
Property, Plant and Equipment | 6. Property, Plant and Equipment | ||||||
At December 31, 2014 and 2013, property, plant and equipment consisted of the following: | |||||||
2014 | 2013 | ||||||
Land | $ | 65,081 | $ | 46,689 | |||
Buildings and improvements | 2,630,431 | 2,432,824 | |||||
Machinery and equipment | 3,965,870 | 3,808,356 | |||||
Machinery, equipment and rental equipment under capitalized leases | 62,016 | 43,239 | |||||
Construction in progress | 314,067 | 267,653 | |||||
7,037,465 | 6,598,761 | ||||||
Accumulated depreciation | -3,747,285 | -3,506,807 | |||||
Property, plant and equipment, net | $ | 3,290,180 | $ | 3,091,954 | |||
Depreciation expense for property, plant and equipment amounted to $600,845, $555,125 and $515,455 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||
Included in machinery and equipment at December 31, 2014 and 2013 were $614,797 and $597,024, respectively, of peritoneal dialysis cycler machines which the Company leases to customers with end-stage renal disease on a month-to-month basis and hemodialysis machines which the Company leases to physicians under operating leases. | |||||||
Accumulated depreciation related to machinery, equipment and rental equipment under capital leases was $24,420 and $21,201 at December 31, 2014 and 2013, respectively. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||||||||
Intangible Assets and Goodwill | 7. Intangible Assets and Goodwill | |||||||||||||||
At December 31, 2014 and 2013, the carrying value and accumulated amortization of intangible assets other than goodwill consisted of the following: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross | Gross | |||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Amortizable Intangible Assets | ||||||||||||||||
Non-compete agreements | $ | 338,443 | $ | -257,234 | $ | 325,335 | $ | -240,412 | ||||||||
Technology | 113,346 | -51,225 | 106,510 | -44,584 | ||||||||||||
Licenses and distribution agreements | 194,810 | -111,754 | 223,701 | -112,697 | ||||||||||||
Customer Relationships | 239,694 | -12,059 | 98,000 | -650 | ||||||||||||
Self-developed software | 122,944 | -59,955 | 105,087 | -46,097 | ||||||||||||
Other | 355,750 | -252,619 | 350,475 | -264,031 | ||||||||||||
Construction in progress | 32,653 | - | 39,570 | - | ||||||||||||
$ | 1,397,640 | $ | -744,846 | $ | 1,248,678 | $ | -708,471 | |||||||||
At December 31, 2014 and 2013 the carrying value of non-amortizable intangible assets other than goodwill consisted of the following: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying | Carrying | |||||||||||||||
Amount | Amount | |||||||||||||||
Non-amortizable Intangible Assets | ||||||||||||||||
Tradename | $ | 209,513 | $ | 210,630 | ||||||||||||
Management contracts | 7,104 | 7,039 | ||||||||||||||
$ | 216,617 | $ | 217,669 | |||||||||||||
Total Intangible Assets | $ | 869,411 | $ | 757,876 | ||||||||||||
The amortization on intangible assets amounted to $98,483, $93,100 and $87,441 for the years ended December 31, 2014, 2013, and 2012, respectively. The table shows the estimated amortization expense of these assets for the following five years. | ||||||||||||||||
Amortization Expense | ||||||||||||||||
2012 | $ | 87,441 | ||||||||||||||
2013 | $ | 93,100 | ||||||||||||||
2014 | $ | 98,483 | ||||||||||||||
Estimated Amortization Expense | ||||||||||||||||
2015 | $ | 96,634 | ||||||||||||||
2016 | $ | 92,633 | ||||||||||||||
2017 | $ | 87,653 | ||||||||||||||
2018 | $ | 84,809 | ||||||||||||||
2019 | $ | 81,943 | ||||||||||||||
Goodwill | ||||||||||||||||
Changes in the carrying amount of goodwill are mainly a result of acquisitions and the impact of foreign currency translations. During 2014 and 2013, the Company's acquisitions consisted primarily of the purchase of clinics in the normal course of operations and the expansion in Care Coordination. The changes to goodwill in 2014 and 2013 are as follows: | ||||||||||||||||
North | Segment | |||||||||||||||
America | International | Total | Corporate | Total | ||||||||||||
Balance as of December 31, 2012 | $ | 9,487,013 | $ | 1,521,359 | $ | 11,008,372 | $ | 413,517 | $ | 11,421,889 | ||||||
Goodwill acquired, net of divestitures | 158,582 | 99,634 | 258,216 | - | 258,216 | |||||||||||
Reclassifications | - | -3,807 | -3,807 | 4,226 | 419 | |||||||||||
Foreign Currency Translation Adjustment | 52 | -23,029 | -22,977 | 640 | -22,337 | |||||||||||
Balance as of December 31, 2013 | $ | 9,645,647 | $ | 1,594,157 | $ | 11,239,804 | $ | 418,383 | $ | 11,658,187 | ||||||
Goodwill acquired, net of divestitures | 1,535,840 | 174,967 | 1,710,807 | - | 1,710,807 | |||||||||||
Reclassifications | - | - | - | - | - | |||||||||||
Foreign Currency Translation Adjustment | -533 | -284,068 | -284,601 | -2,213 | -286,814 | |||||||||||
Balance as of December 31, 2014 | $ | 11,180,954 | $ | 1,485,056 | $ | 12,666,010 | $ | 416,170 | $ | 13,082,180 |
Other_Assets_and_Notes_Receiva
Other Assets and Notes Receivable (Disclosure) | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other Assets Disclosure [Text Block] | 8. Other Assets and Notes Receivables |
On August 12, 2013, FMCH made an investment-type transaction by providing a credit facility to a middle-market dialysis provider in the amount of up to $200,000 to fund general corporate purposes. The transaction is in the form of subordinated notes with a maturity date of July 4, 2020 (unless prepaid) and a payment-in-kind (“PIK”) feature that will allow interest payments in the form of cash (at 10.75%) or PIK (at 11.75%). The PIK feature, if used, allows for the addition of the accrued interest to the then outstanding principal. The collateral for this loan is 100% of the equity interest in this middle-market dialysis provider. The availability period for drawdowns on this loan was 18 months and ended on February 12, 2015. The Company assesses the recoverability of this investment based on quarterly financial statements and other information obtained, used for an assessment of profitability and business plan objectives, as well as by analyzing general economic and market conditions in which the provider operates. On April 30, 2014, the Payee exercised the PIK feature and converted $10,137 of accrued interest then due to outstanding principal. On October 31, 2014, the Payee paid interest of $9,999. Consequently, at December 31, 2014, $180,137 is effectively drawn down with $3,369 of interest income accrued. Interest is payable on a semi-annual basis. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilties | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||
Accrued Expenses and Other Current Liabilties | 9. Accrued Expenses and Other Current Liabilities | |||||
At December 31, 2014 and 2013, accrued expenses and other current liabilities consisted of the following: | ||||||
2014 | 2013 | |||||
Accrued salaries, wages and incentive plan compensations | $ | 647,627 | $ | 542,230 | ||
Unapplied cash and receivable credits | 333,858 | 302,337 | ||||
Accrued self-insurance | 238,036 | 201,346 | ||||
Accrued operating expenses | 139,652 | 102,914 | ||||
Accrued interest | 119,886 | 122,166 | ||||
Withholding tax and VAT | 91,839 | 93,407 | ||||
Derivative financial instruments | 53,804 | 25,701 | ||||
Accrued variable payments outstanding for acquisition | 32,984 | 18,200 | ||||
Special charge for legal matters | - | 115,000 | ||||
Other | 539,559 | 489,232 | ||||
Total accrued expenses and other current liabilities | $ | 2,197,245 | $ | 2,012,533 | ||
In 2001, the Company recorded a $258,159 special charge to address legal matters relating to transactions pursuant to the Agreement and Plan of Reorganization dated at February 4, 1996 by and between W.R. Grace & Co. and Fresenius SE, estimated liabilities and legal expenses arising in connection with the W.R. Grace & Co. Chapter 11 proceedings (the “Grace Chapter 11 Proceedings”) and the cost of resolving pending litigation and other disputes with certain commercial insurers. During the second quarter of 2003, the court supervising the Grace Chapter 11 Proceedings approved a definitive settlement whereby the Company agreed to pay $115,000. On February 3, 2014, the Company paid $115,000 which had been previously accrued. All matters related to the recorded charge have now been resolved. | ||||||
The item “Other” in the table above includes accruals for legal and compliance costs, physician compensation, commissions, short-term portion of pension liabilities, bonuses and rebates and accrued rents |
ShortTerm_Borrowings_and_Other
Short-Term Borrowings and Other Financial Liabilities, and Short-Term Borrowings from Related Parties | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||
Short-Term Borrowings and Other Financial Liabilities, and Short-Term Borrowings from Related Parties | 10. Short-Term Borrowings, Other Financial Liabilities and Short-Term Borrowings from Related Parties | ||||||
At December 31, 2014 and December 31, 2013, short-term borrowings, other financial liabilities and short-term borrowings from related parties consisted of the following: | |||||||
2014 | 2013 | ||||||
Borrowings under lines of credit | $ | 132,495 | $ | 95,690 | |||
Other financial liabilities | 198 | 958 | |||||
Short-term borrowings and other financial liabilities | 132,693 | 96,648 | |||||
Short-term borrowings from related parties (see Note 3.b, excluding interest) | 5,357 | 62,342 | |||||
Short-term borrowings, other financial liabilities and short-term borrowings from related parties | $ | 138,050 | $ | 158,990 | |||
Short-term Borrowings under lines of credit | |||||||
Short-term borrowings of $132,495 and $95,690 at December 31, 2014 and 2013, respectively, represented amounts borrowed by the Company's subsidiaries under lines of credit with commercial banks. The average interest rates on these borrowings at December 31, 2014 and 2013 were 5.09% and 4.00%, respectively. | |||||||
Excluding amounts available under the Amended 2012 Credit Agreement (the “Amended 2012 Credit Agreement”, see Note 11 below), at December 31, 2014 and 2013, the Company had $247,735 and $232,943 available under other commercial bank agreements. In some instances, lines of credit are secured by assets of the Company's subsidiary that is party to the agreement or may require the Company's guarantee. In certain circumstances, the subsidiary may be required to meet certain covenants. | |||||||
Longterm_Debt_and_Capital_Leas
Long-term Debt and Capital Lease Obligations | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||||||||||||
Long-term Debt and Capital Lease Obligations | 11. Long-term Debt and Capital Lease Obligations | |||||||||||||||||||
As of December 31, 2014 and December 31, 2013, long-term debt and capital lease obligations consisted of the following: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Amended 2012 Credit Agreement | $ | 2,900,222 | $ | 2,707,145 | ||||||||||||||||
Senior Notes | 5,514,947 | 4,824,753 | ||||||||||||||||||
Equity-neutral convertible bonds | 451,653 | - | ||||||||||||||||||
Euro Notes(1) | - | 46,545 | ||||||||||||||||||
European Investment Bank Agreements(2) | - | 193,074 | ||||||||||||||||||
Accounts receivable facility | 341,750 | 351,250 | ||||||||||||||||||
Capital lease obligations | 40,991 | 24,264 | ||||||||||||||||||
Other | 144,321 | 111,259 | ||||||||||||||||||
Long-term debt and capital lease obligations | $ | 9,393,884 | $ | 8,258,290 | ||||||||||||||||
Less current maturities | -313,607 | -511,370 | ||||||||||||||||||
Long-term debt and capital lease obligations, less current portion | $ | 9,080,277 | $ | 7,746,920 | ||||||||||||||||
(1) The Euro Notes were fully paid on October 27, 2014. | ||||||||||||||||||||
(2) The remaining two loans under the European Investment Bank Agreements were repaid on their maturity in February 2014. | ||||||||||||||||||||
The Company's long-term debt as of December 31, 2014, all of which ranks equally in rights of payment, are described as follows: | ||||||||||||||||||||
Amended 2012 Credit Agreement | ||||||||||||||||||||
The Company originally entered into a syndicated credit facility of $3,850,000 and a 5 year period (the “2012 Credit Agreement”) with a large group of banks and institutional investors (collectively, the “Lenders”) on October 30, 2012. On November 26, 2014, the 2012 Credit Agreement was amended to increase the total credit facility to approximately $4,400,000 and extend the term for an additional two years until October 30, 2019. | ||||||||||||||||||||
As of December 31, 2014, the Amended 2012 Credit Agreement consists of: | ||||||||||||||||||||
A 5-year revolving credit facility of approximately $1,500,000 comprising a $1,000,000 revolving facility and a €400,000 revolving facility, which will be due and payable on October 30, 2019. | ||||||||||||||||||||
A 5-year term loan facility of $2,500,000, also scheduled to mature on October 30, 2019. Quarterly repayments of $50,000 beginning in January 2015 are required with the remaining balance outstanding due October 30, 2019. | ||||||||||||||||||||
A 5-year term loan facility of €300,000 scheduled to mature on October 30, 2019. Quarterly repayments of €6,000 beginning in January 2015 are required with the remaining balance outstanding due October 30, 2019. | ||||||||||||||||||||
Interest on the credit facilities is, at the Company's option, at a rate equal to either (i) LIBOR or EURIBOR (as applicable) plus an applicable margin or (ii) the Base Rate as defined in the Amended 2012 Credit Agreement plus an applicable margin. At December 31, 2014, the dollar-denominated tranches outstanding under the Amended 2012 Credit Agreement had a weighted average interest rate of 1.61%. The euro-denominated tranche had an interest rate of 1.42%. | ||||||||||||||||||||
The applicable margin is variable and depends on the Company's Consolidated Leverage Ratio which is a ratio of its consolidated funded debt less cash and cash equivalents held by the Consolidated Group to Consolidated EBITDA (as these terms are defined in the Amended 2012 Credit Agreement). | ||||||||||||||||||||
In addition to scheduled principal payments, indebtedness outstanding under the Amended 2012 Credit Agreement would be reduced by portions of the net cash proceeds received from certain sales of assets. | ||||||||||||||||||||
Obligations under the Amended 2012 Credit Agreement are secured by pledges of capital stock of certain material subsidiaries in favor of the Lenders. | ||||||||||||||||||||
The Amended 2012 Credit Agreement contains affirmative and negative covenants with respect to the Company and its subsidiaries. Under certain circumstances these covenants limit indebtedness, investments, and restrict the creation of liens. Under the Amended 2012 Credit Agreement the Company is required to comply with a maximum consolidated leverage ratio (ratio of consolidated funded debt less cash and cash equivalents held by the Consolidated Group to consolidated EBITDA). Additionally, the Amended 2012 Credit Agreement provides for a limitation on dividends, share buy-backs and similar payments. Dividends to be paid are subject to an annual basket, which is €360,000 ($437,076 at December 31, 2014) for 2015, and will increase in subsequent years. Additional dividends and other restricted payments may be made subject to the maintenance of a maximum leverage ratio. | ||||||||||||||||||||
In default, the outstanding balance under the Amended 2012 Credit Agreement becomes immediately due and payable at the option of the Lenders. | ||||||||||||||||||||
The Company incurred fees of approximately $19,265 in conjunction with the Amended 2012 Credit Agreement. Unamortized fees related to the 2012 Credit Agreement of approximately $13,436, together with the newly capitalized fees of $5,829, will be amortized over the term of the Amended 2012 Credit Agreement. | ||||||||||||||||||||
The following table shows the available and outstanding amounts under the Amended 2012 Credit Agreement at December 31, 2014 and 2013: | ||||||||||||||||||||
Maximum Amount Available 2014 | Balance Outstanding 2014 | |||||||||||||||||||
Revolving Credit USD | $ | 1,000,000 | $ | 1,000,000 | $ | 35,992 | $ | 35,992 | ||||||||||||
Revolving Credit EUR | € | 400,000 | $ | 485,640 | € | - | $ | - | ||||||||||||
USD Term Loan | $ | 2,500,000 | $ | 2,500,000 | $ | 2,500,000 | $ | 2,500,000 | ||||||||||||
EUR Term Loan | € | 300,000 | $ | 364,230 | € | 300,000 | $ | 364,230 | ||||||||||||
$ | 4,349,870 | $ | 2,900,222 | |||||||||||||||||
Maximum Amount Available 2013 | Balance Outstanding 2013 | |||||||||||||||||||
Revolving Credit USD | $ | 600,000 | $ | 600,000 | $ | 138,190 | $ | 138,190 | ||||||||||||
Revolving Credit EUR | € | 500,000 | $ | 689,550 | € | 50,000 | $ | 68,955 | ||||||||||||
USD Term Loan | $ | 2,500,000 | $ | 2,500,000 | $ | 2,500,000 | $ | 2,500,000 | ||||||||||||
$ | 3,789,550 | $ | 2,707,145 | |||||||||||||||||
In addition, at December 31, 2014 and December 31, 2013, the Company had letters of credit outstanding in the amount of $6,893 and $9,444, respectively, under the revolving credit facility, which are not included above as part of the balance outstanding at those dates but which reduce available borrowings under the respective revolving credit facility. | ||||||||||||||||||||
Senior Notes | ||||||||||||||||||||
At December 31, 2014, the Company's Senior Notes consisted of the following: | ||||||||||||||||||||
Issuer/Transaction | Face Amount | Maturity | Coupon | Book value 2014 | Book value 2013 | |||||||||||||||
FMC Finance VI S.A. 2010 | € | 250,000 | 15-Jul-16 | 5.50% | $ | 302,537 | $ | 342,944 | ||||||||||||
FMC Finance VIII S.A. 2011(1) | € | 100,000 | 15-Oct-16 | 3.58% | $ | 121,410 | $ | 137,910 | ||||||||||||
FMC US Finance, Inc. 2007 | $ | 500,000 | 15-Jul-17 | 6.88% | $ | 497,781 | $ | 496,894 | ||||||||||||
FMC Finance VIII S.A. 2011 | € | 400,000 | 15-Sep-18 | 6.50% | $ | 482,097 | $ | 546,531 | ||||||||||||
FMC US Finance II, Inc. 2011 | $ | 400,000 | 15-Sep-18 | 6.50% | $ | 397,084 | $ | 396,297 | ||||||||||||
FMC US Finance II, Inc. 2012 | $ | 800,000 | 31-Jul-19 | 5.63% | $ | 800,000 | $ | 800,000 | ||||||||||||
FMC Finance VIII S.A. 2012 | € | 250,000 | 31-Jul-19 | 5.25% | $ | 303,525 | $ | 344,775 | ||||||||||||
FMC US Finance II, Inc. 2014 | $ | 500,000 | 15-Oct-20 | 4.13% | $ | 500,000 | $ | - | ||||||||||||
FMC US Finance, Inc. 2011 | $ | 650,000 | 15-Feb-21 | 5.75% | $ | 646,283 | $ | 645,672 | ||||||||||||
FMC Finance VII S.A. 2011 | € | 300,000 | 15-Feb-21 | 5.25% | $ | 364,230 | $ | 413,730 | ||||||||||||
FMC US Finance II, Inc. 2012 | $ | 700,000 | 31-Jan-22 | 5.88% | $ | 700,000 | $ | 700,000 | ||||||||||||
FMC US Finance II, Inc. 2014 | $ | 400,000 | 15-Oct-24 | 4.75% | $ | 400,000 | $ | - | ||||||||||||
$ | 5,514,947 | $ | 4,824,753 | |||||||||||||||||
(1) This note carries a variable interest rate which was 3.58% at December 31, 2014. | ||||||||||||||||||||
In October 2014, FMC US Finance II, Inc. issued $500,000 and $400,000 dollar-denominated senior notes (“the 2014 Senior Notes”), the proceeds of which were used to repay Term Loan A-2 under our 2012 Credit Agreement, which was established on July 1, 2014 to finance the investment in Sound and fully repaid on October 29, 2014, as well as other short term debt, and for acquisitions and general corporate purposes. The 2014 Senior Notes were issued at par. | ||||||||||||||||||||
All Senior Notes are unsecured and guaranteed on a senior basis jointly and severally by the Company and by FMCH and Fresenius Medical Care Deutschland GmbH (“D-GmbH”), ( together with FMCH, the “Guarantor Subsidiaries”). The issuers may redeem the Senior Notes (except for the Floating Rate Senior Notes) at any time at 100% of principal plus accrued interest and a premium calculated pursuant to the terms of the indenture. The holders have the right to request that the issuers repurchase the Senior Notes at 101% of principal plus accrued interest upon the occurrence of a change of control of the Company followed by a decline in the ratings of the respective Senior Notes. | ||||||||||||||||||||
The Company has agreed to a number of covenants to provide protection to the holders which, under certain circumstances, limit the ability of the Company and its subsidiaries to, among other things, incur debt, incur liens, engage in sale-leaseback transactions and merge or consolidate with other companies or sell assets. At December 31, 2014, the Company was in compliance with all of its covenants under the Senior Notes. | ||||||||||||||||||||
Equity-neutral Convertible Bonds | ||||||||||||||||||||
On September 19, 2014, the Company issued €400,000 ($514,080) principal amount of equity-neutral convertible bonds (the “Convertible Bonds”) which have a coupon of 1.125% and are due on January 31, 2020. The bonds were issued at par with the initial conversion price based upon the predetermined share price of €73.6448. Beginning November 2017, bond holders can exercise the conversion rights embedded in the bonds at certain dates. In order to fully offset the economic exposure from the conversion feature, the Company purchased call options on its shares (“Share Options”). Any increase of the Company's share price above the conversion price would be offset by a corresponding value increase of the Share Options. The Company will amortize the cost of these options, €29,600 ($38,042 at December 31, 2014), and various other offering costs over the life of the bonds, effectively increasing the total interest rate to 2.611%. We used the net proceeds of $470,976 for general corporate purposes. The Convertible Bonds are jointly and severally guaranteed by FMCH and D-GmbH. | ||||||||||||||||||||
Accounts Receivable Facility | ||||||||||||||||||||
The Company refinanced the A/R Facility on November 24, 2014 for a term expiring on November 24, 2017 with the available borrowings at $800,000. The following table shows the available and outstanding amounts under the A/R Facility at December 31, 2014 and December 31, 2013. | ||||||||||||||||||||
Maximum Amount Available | (1) | Balance Outstanding | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
A/R Facility | $ | 800,000 | $ | 800,000 | $ | 341,750 | $ | 351,250 | ||||||||||||
(1) Subject to availability of sufficient accounts receivable meeting funding criteria. | ||||||||||||||||||||
The Company also had letters of credit outstanding under the A/R Facility in the amount of $66,622 at December 31, 2014 and $65,622 at December 31, 2013. These letters of credit were not included above as part of the balance outstanding at December 31, 2014; however, they reduce available borrowings under the A/R Facility. | ||||||||||||||||||||
Under the A/R Facility, certain receivables are sold to NMC Funding Corporation (“NMC Funding”), a wholly-owned subsidiary. NMC Funding then assigns percentage ownership interests in the accounts receivable to certain bank investors. Under the terms of the A/R Facility, NMC Funding retains the right, at any time, to recall all the then outstanding transferred interests in the accounts receivable. Consequently, the receivables remain on the Company's Consolidated Balance Sheet and the proceeds from the transfer of percentage ownership interests are recorded as long-term debt. | ||||||||||||||||||||
NMC Funding pays interest to the bank investors calculated based on the commercial paper rates for the particular tranches selected. The average interest rate during 2014 was 1.052%. Refinancing fees, which include legal costs and bank fees, are amortized over the term of the facility. | ||||||||||||||||||||
Other | ||||||||||||||||||||
At December 31, 2014 and 2013, in conjunction with certain acquisitions and investments, the Company had pending payments of purchase considerations totaling approximately $34,973 and $94,084, respectively, of which $31,369 and $60,036, respectively, were classified as the current portion of long-term debt. | ||||||||||||||||||||
Annual Payments | ||||||||||||||||||||
Aggregate annual payments applicable to the Amended 2012 Credit Agreement, Senior Notes, the Convertible Bonds, the A/R Facility, capital leases and other borrowings for the five years subsequent to December 31, 2014 and thereafter are: | ||||||||||||||||||||
2015 | $ | 313,607 | ||||||||||||||||||
2016 | 701,714 | |||||||||||||||||||
2017 | 1,099,976 | |||||||||||||||||||
2018 | 1,120,753 | |||||||||||||||||||
2019 | 3,089,452 | |||||||||||||||||||
Thereafter | 3,116,570 | |||||||||||||||||||
$ | 9,442,072 | |||||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||||||||||||||
Employee Benefit Plans | 12. Employee Benefit Plans | ||||||||||||||||||
General | |||||||||||||||||||
FMC-AG & Co. KGaA recognizes pension costs and related pension liabilities for current and future benefits to qualified current and former employees of the Company. The Company's pension plans are structured in accordance with the differing legal, economic and fiscal circumstances in each country. The Company currently has two types of plans, defined benefit and defined contribution plans. In general, plan benefits in defined benefit plans are based on all or a portion of the employees' years of services and final salary. Plan benefits in defined contribution plans are determined by the amount of contribution by the employee and the employer, both of which may be limited by legislation, and the returns earned on the investment of those contributions. | |||||||||||||||||||
Upon retirement under defined benefit plans, the Company is required to pay defined benefits to former employees when the defined benefits become due. Defined benefit plans may be funded or unfunded. The Company has two major defined benefit plans, one funded plan in the U.S. and an unfunded plan in Germany. | |||||||||||||||||||
Actuarial assumptions generally determine benefit obligations under defined benefit plans. The actuarial calculations require the use of estimates. The main factors used in the actuarial calculations affecting the level of the benefit obligations are: assumptions on life expectancy, the discount rate and future salary and benefit levels. Under the Company's funded plans, assets are set aside to meet future payment obligations. An estimated return on the plan assets is recognized as income in the respective period. Actuarial gains and losses are generated when there are variations in the actuarial assumptions and by differences between the actual and the estimated projected benefits obligations and the return on plan assets for that year. The Company's pension liability is impacted by these actuarial gains or losses. | |||||||||||||||||||
Under defined contribution plans, the Company pays defined contributions to an independent third party as directed by the employee during the employee's service life, which satisfies all obligations of the Company to the employee. The employee retains all rights to the contributions made by the employee and to the vested portion of the Company paid contributions upon leaving the Company. The Company has a defined contribution plan in the U.S. | |||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||
During the first quarter of 2002 FMCH, the Company's U.S. subsidiary, curtailed its defined benefit and supplemental executive retirement plans. Under the curtailment amendment for substantially all employees eligible to participate in the plan, benefits have been frozen as of the curtailment date and no additional defined benefits for future services will be earned. The Company has retained all employee benefit obligations as of the curtailment date. Each year FMCH contributes at least the minimum amount required by the Employee Retirement Income Security Act of 1974, as amended. In 2014, FMCH's minimum funding requirement was $21,000. In addition to the compulsory contributions, the Company voluntarily provided $21,365 to the defined benefit plan. Expected funding for 2015 is $20,370. | |||||||||||||||||||
The benefit obligation for all defined benefit plans at December 31, 2014, was $877,722 (2013: $660,860) which consists of the gross benefit obligation of $494,269 (2013: $378,170) for the U.S. plan, which is funded by plan assets, and the benefit obligation of $383,453 (2013: $282,690) for the German unfunded plan. | |||||||||||||||||||
The following table shows the changes in benefit obligations, the changes in plan assets, the funded status of the pension plans and the net pension liability. Benefits paid as shown in the changes in benefit obligations represent payments made from both the funded and unfunded plans while the benefits paid as shown in the changes in plan assets include only benefit payments from the Company's funded benefit plan. | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 660,860 | $ | 655,447 | |||||||||||||||
Foreign currency translation | -46,505 | 11,998 | |||||||||||||||||
Other Adjustments | - | 2,203 | |||||||||||||||||
Service cost | 18,617 | 15,900 | |||||||||||||||||
Interest cost | 29,513 | 26,859 | |||||||||||||||||
Transfer of plan participants | 220 | -32 | |||||||||||||||||
Actuarial (gain) loss | 234,199 | -34,698 | |||||||||||||||||
Benefits paid | -19,182 | -16,817 | |||||||||||||||||
Benefit obligation at end of year | $ | 877,722 | $ | 660,860 | |||||||||||||||
Change in plan assets: | |||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 248,495 | $ | 228,393 | |||||||||||||||
Actual return on plan assets | -3,600 | 23,058 | |||||||||||||||||
Employer contributions | 42,365 | 11,339 | |||||||||||||||||
Benefits paid | -16,402 | -14,295 | |||||||||||||||||
Fair value of plan assets at end of year | $ | 270,858 | $ | 248,495 | |||||||||||||||
Funded status at end of year | $ | 606,864 | $ | 412,365 | |||||||||||||||
Benefit plans offered by other subsidiaries | $ | 41,990 | $ | 29,321 | |||||||||||||||
Net Pension Liability | $ | 648,854 | $ | 441,686 | |||||||||||||||
Benefit plans offered by the U.S. and Germany contain a pension liability of $606,864 and $412,365 at December 31, 2014 and 2013, respectively. The pension liability consists of a current portion of $4,151 (2013: $4,221) which is recognized as a current liability in the line item “Accrued expenses and other current liabilities” in the balance sheet. The non-current portion of $602,713 (2013: $408,144) is recorded as non-current pension liability in the balance sheet. Approximately 80% of the beneficiaries are located in the U.S. with the majority of the remaining 20% located in Germany. | |||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans with an obligation in excess of plan assets was $811,359 and $614,576 at December 31, 2014 and 2013, respectively; the related plan assets had a fair value of $270,858 and $248,495 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Benefit plans offered by other subsidiaries outside of the U.S. and Germany contain separate benefit obligations. The total net pension liability for these other plans was $41,990 and $29,321 at December 31, 2014 and 2013 respectively and consists of a pension asset of $68 (2013: $77) recognized as “Other non-current assets and notes receivables” and a current pension liability of $2,453 (2013: $1,684), which is recognized as a current liability in the line item “Accrued expenses and other current liabilities”. The non-current pension liability of $39,605 (2013: $27,714) for these plans is recorded as “non-current pension liability” in the balance sheet. | |||||||||||||||||||
At December 31, 2014 the weighted average duration of the defined benefit obligation was 18 years (2013: 18 years). | |||||||||||||||||||
The table below reflects pre-tax effects of actuarial losses (gains) in other comprehensive income (“OCI”) relating to pension liabilities. At December 31, 2014, there are no cumulative effects of prior service costs included in other comprehensive income. | |||||||||||||||||||
Actuarial (gains) losses | |||||||||||||||||||
Actuarial (gains) losses recognized in OCI at December 31, 2011 | $ | 184,778 | |||||||||||||||||
Actuarial (gain) loss for the year | 119,685 | ||||||||||||||||||
Amortization of unrealized losses | -18,334 | ||||||||||||||||||
Foreign currency translation | 1,827 | ||||||||||||||||||
Actuarial (gains) losses recognized in OCI at December 31, 2012 | $ | 287,956 | |||||||||||||||||
Actuarial (gain) loss for the year | $ | -44,118 | |||||||||||||||||
Other Adjustments | 563 | ||||||||||||||||||
Amortization of unrealized losses | -25,418 | ||||||||||||||||||
Foreign currency translation | 3,984 | ||||||||||||||||||
Actuarial (gains) losses recognized in OCI at December 31, 2013 | $ | 222,967 | |||||||||||||||||
Actuarial (gain) loss for the year | 253,969 | ||||||||||||||||||
Other Adjustments | - | ||||||||||||||||||
Amortization of unrealized losses | -17,147 | ||||||||||||||||||
Foreign currency translation | -21,661 | ||||||||||||||||||
Actuarial (gains) losses recognized in OCI at December 31, 2014 | $ | 438,128 | |||||||||||||||||
The actuarial loss expected to be amortized from other comprehensive income into net periodic pension cost over the next year is $37,869. | |||||||||||||||||||
The discount rates for all plans are based upon yields of portfolios of equity and highly rated debt instruments with maturities that mirror the plan's benefit obligation. The Company's discount rates at December 31, 2014 and at December 31, 2013 are the weighted average of these plans based upon their benefit obligations. The following weighted-average assumptions were utilized in determining benefit obligations at December 31: | |||||||||||||||||||
in % | 2014 | 2013 | |||||||||||||||||
Discount rate | 3.23 | 4.55 | |||||||||||||||||
Rate of compensation increase | 3.28 | 3.29 | |||||||||||||||||
Sensitivity analysis | |||||||||||||||||||
Increases and decreases in principal actuarial assumptions by 0.5 percentage points would affect the pension liability at December 31, 2014 as follows: | |||||||||||||||||||
0.5% increase | 0.5% decrease | ||||||||||||||||||
Discount rate | $ | -76,765 | $ | 88,257 | |||||||||||||||
Rate of compensation increase | 10,266 | -10,164 | |||||||||||||||||
Rate of pensions increase | 28,010 | -25,325 | |||||||||||||||||
The sensitivity analysis was calculated based on the average duration of the pension obligations determined at December 31, 2014. The calculations were performed isolated for each significant actuarial parameter, in order to show the effect on the fair value of the pension liability separately. | |||||||||||||||||||
The sensitivity analysis for compensation increases and for pension increases excludes the U.S. pension plan because it is frozen and therefore is not affected by changes from these two actuarial assumptions. | |||||||||||||||||||
The defined benefit pension plans' net periodic benefit costs are comprised of the following components for each of the years ended December 31: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||
Service cost | $ | 18,617 | $ | 15,900 | $ | 10,704 | |||||||||||||
Interest cost | 29,513 | 26,859 | 26,194 | ||||||||||||||||
Expected return on plan assets | -16,169 | -13,638 | -15,241 | ||||||||||||||||
Amortization of unrealized losses | 17,147 | 25,418 | 18,334 | ||||||||||||||||
Net periodic benefit costs | $ | 49,108 | $ | 54,539 | $ | 39,991 | |||||||||||||
Net periodic benefit cost is allocated as personnel expense within costs of revenues, selling, general and administrative expense or research and development expense. This is depending upon the area in which the beneficiary is employed. | |||||||||||||||||||
The following weighted-average assumptions were used in determining net periodic benefit cost for the year ended December 31: | |||||||||||||||||||
in % | 2014 | 2013 | 2012 | ||||||||||||||||
Discount rate | 4.55 | 4.14 | 5.1 | ||||||||||||||||
Expected return of plan assets | 6 | 6 | 7 | ||||||||||||||||
Rate of compensation increase | 3.29 | 3.32 | 3.69 | ||||||||||||||||
Expected benefit payments for the next five years and in the aggregate for the five years thereafter are as follows: | |||||||||||||||||||
2015 | $ | 19,752 | |||||||||||||||||
2016 | 21,633 | ||||||||||||||||||
2017 | 23,461 | ||||||||||||||||||
2018 | 25,154 | ||||||||||||||||||
2019 | 27,271 | ||||||||||||||||||
2020 - 2024 | 170,331 | ||||||||||||||||||
Plan Assets | |||||||||||||||||||
The following table presents the fair values of the Company´s pension plan assets at December 31, 2014 and 2013. | |||||||||||||||||||
Fair Value Measurements at 2014 | Fair Value Measurements at 2013 | ||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | ||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2) | Total | (Level 1) | (Level 2) | |||||||||||||
Equity Investments | |||||||||||||||||||
Index Funds(1) | $ | 69,485 | $ | -310 | $ | 69,795 | $ | 62,003 | $ | 205 | $ | 61,798 | |||||||
Fixed Income Investments | |||||||||||||||||||
Government Securities(2) | 1,629 | 850 | 779 | 4,913 | 3,735 | 1,178 | |||||||||||||
Corporate Bonds(3) | 181,132 | - | 181,132 | 155,389 | - | 155,389 | |||||||||||||
Other Bonds(4) | 4,573 | - | 4,573 | 1,437 | - | 1,437 | |||||||||||||
U.S. Treasury Money Market Funds(5) | 7,989 | 7,989 | - | 19,150 | 19,150 | - | |||||||||||||
Other types of investments | |||||||||||||||||||
Cash, Money Market and Mutual Funds(6) | 6,050 | 6,050 | - | 5,603 | 5,603 | - | |||||||||||||
Total | $ | 270,858 | $ | 14,579 | $ | 256,279 | $ | 248,495 | $ | 28,693 | $ | 219,802 | |||||||
(1) This category comprises low-cost equity index funds not actively managed that track the S&P 500, S&P 400, Russell 2000, MSCI Emerging Markets Index and the Morgan Stanley International EAFE Index | |||||||||||||||||||
(2) This Category comprises fixed income investments by the U.S. government and government sponsored entities | |||||||||||||||||||
(3) This Category primarily represents investment grade bonds of U.S. issuers from diverse industries | |||||||||||||||||||
(4) This Category comprises private placement bonds as well as collateralized mortgage obligations | |||||||||||||||||||
(5) This Category represents funds that invest in treasury obligations directly or in treasury backed obligations | |||||||||||||||||||
(6) This Category represents cash, money market funds as well as mutual funds comprised of high grade corporate bonds | |||||||||||||||||||
The methods and inputs used to measure the fair value of plan assets are as follows: | |||||||||||||||||||
Common stocks are valued at their market prices at the balance sheet date. | |||||||||||||||||||
Index funds are valued based on market quotes. | |||||||||||||||||||
Government bonds are valued based on both market prices and market quotes. | |||||||||||||||||||
Corporate bonds and other bonds are valued based on market quotes at the balance sheet date. | |||||||||||||||||||
Cash is stated at nominal value which equals the fair value. | |||||||||||||||||||
U.S. Treasury money market funds as well as other money market and mutual funds are valued at their market price. | |||||||||||||||||||
Plan Investment Policy and Strategy | |||||||||||||||||||
For the U.S. funded plan, the Company periodically reviews the assumption for long-term expected return on pension plan assets. As part of the assumptions review, a range of reasonable expected investment returns for the pension plan as a whole was determined based on an analysis of expected future returns for each asset class weighted by the allocation of the assets. The range of returns developed relies both on forecasts, which include the actuarial firm's expected long-term rates of return for each significant asset class or economic indicator, and on broad-market historical benchmarks for expected return, correlation, and volatility for each asset class. As a result, the Company's expected rate of return on pension plan assets was 6.00% for 2014. | |||||||||||||||||||
The Company´s overall investment strategy is to achieve a mix of approximately 98% of investments for long-term growth and income and 2% in cash or cash equivalents. Investment income and cash or cash equivalents are used for near-term benefit payments. Investments are governed by the investment policy and include well diversified index funds or funds targeting index performance. | |||||||||||||||||||
The investment policy, utilizing a revised target investment allocation in a range around 30% equity and 70% long-term U.S. corporate bonds, considers that there will be a time horizon for invested funds of more than 5 years. The total portfolio will be measured against a custom index that reflects the asset class benchmarks and the target asset allocation. The Plan policy does not allow investments in securities of the Company or other related party securities. The performance benchmarks for the separate asset classes include: S&P 500 Index, S&P 400 Mid-Cap Index, Russell 2000 Index, MSCI EAFE Index, MSCI Emerging Markets Index and Barclays Capital Long-Corporate Bond Index. | |||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||
Most FMCH employees are eligible to join a 401(k) savings plan. Employees can deposit up to 75% of their pay up to a maximum of $17.5 if under 50 years old ($23 if 50 or over) under this savings plan. The Company will match 50% of the employee deposit up to a maximum Company contribution of 3% of the employee's pay. The Company's total expense under this defined contribution plan for the years ended December 31, 2014, 2013, and 2012, was $41,560, $38,999 and $38,582, respectively. |
Noncontrolling_Interests_Subje
Noncontrolling Interests Subject to Put Provisions | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||
Noncontrolling Interests Subject to Put Provisions | 2014 | 2013 | 2012 | |||||||
Beginning balance as of January 1, | $ | 648,251 | $ | 523,260 | $ | 410,491 | ||||
Contributions to noncontrolling interests | -142,696 | -122,179 | -114,536 | |||||||
Purchase/ sale of noncontrolling interests | 83,252 | 6,723 | 134,643 | |||||||
Contributions from noncontrolling interests | 16,064 | 17,767 | 16,565 | |||||||
Changes in fair value of noncontrolling interests | 89,767 | 108,575 | -18,880 | |||||||
Net income | 133,593 | 113,156 | 94,718 | |||||||
Other comprehensive income (loss) | -3,573 | 949 | 259 | |||||||
Ending balance as of December 31, | $ | 824,658 | $ | 648,251 | $ | 523,260 | ||||
2014 | 2013 | 2012 | ||||||||
Beginning balance as of January 1, | $ | 648,251 | $ | 523,260 | $ | 410,491 | ||||
Contributions to noncontrolling interests | -142,696 | -122,179 | -114,536 | |||||||
Purchase/ sale of noncontrolling interests | 83,252 | 6,723 | 134,643 | |||||||
Contributions from noncontrolling interests | 16,064 | 17,767 | 16,565 | |||||||
Changes in fair value of noncontrolling interests | 89,767 | 108,575 | -18,880 | |||||||
Net income | 133,593 | 113,156 | 94,718 | |||||||
Other comprehensive income (loss) | -3,573 | 949 | 259 | |||||||
Ending balance as of December 31, | $ | 824,658 | $ | 648,251 | $ | 523,260 |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||||||||||
Shareholders' Equity | 14. Shareholders' Equity | ||||||||||||||
Capital Stock | |||||||||||||||
The General Partner has no equity interest in the Company and, therefore, does not participate in either the assets or the profits and losses of the Company. However, the General Partner is compensated for all outlays in connection with conducting the Company's business, including the remuneration of members of the management board and the supervisory board (see Note 3). | |||||||||||||||
The general meeting of a partnership limited by shares may approve Authorized Capital (genehmigtes Kapital). The resolution creating Authorized Capital requires the affirmative vote of a majority of three quarters of the capital represented at the vote and may authorize the management board to issue shares up to a stated amount for a period of up to five years. The nominal value of any proposed increase of the Authorized Capital may not exceed half of the issued capital stock at the time of the authorization. | |||||||||||||||
In addition, the general meeting of a partnership limited by shares may create Conditional Capital (bedingtes Kapital) for the purpose of issuing (i) shares to holders of convertible bonds or other securities which grant a right to shares, (ii) shares as the consideration in a merger with another company, or (iii) shares offered to management or employees. In each case, the authorizing resolution requires the affirmative vote of a majority of three quarters of the capital represented at the vote. The nominal value for any proposed increase of the Conditional Capital may not exceed half or, in the case of Conditional Capital created for the purpose of issuing shares to management and employees, 10% of the Company's issued capital at the time of the resolution. | |||||||||||||||
All resolutions increasing the capital of a partnership limited by shares also require the consent of the General Partner in order for the resolutions to go into effect. | |||||||||||||||
Following the conversion of all 3,975,533 outstanding preference shares into ordinary shares (approved at FMC-AG & Co. KGaA's Annual General Meeting (“AGM”) and Preference Shareholder Meeting held on May 16, 2013) in the amount of €3,976 ($4,465) on a 1:1 basis, subscribed capital at December 31, 2013 comprised solely ordinary shares. In addition, 32,006 options associated with the preference shares were converted into options associated with ordinary shares. At the time of preference share conversion, there were no dividend arrearages. | |||||||||||||||
On July 5, 2013, the Company received a €27,000 ($34,784) premium from the largest former preference shareholder, a European financial institution, for the conversion of their preference shares to ordinary shares. This amount was recorded as an increase in equity. | |||||||||||||||
Authorized Capital | |||||||||||||||
By resolution of the AGM on May 11, 2010, the General Partner was authorized, with the approval of the supervisory board, to increase, on one or more occasions, the Company's share capital until May 10, 2015 up to a total of €35,000 through issue of new bearer ordinary shares for cash contributions, “Authorized Capital 2010/I”. Additionally, the newly issued shares may be taken up by financial institutions nominated by the General Partner with the obligation to offer them to the shareholders of the Company (indirect pre-emption rights). The General Partner is entitled, subject to the approval of the supervisory board, to exclude the pre-emption rights of the shareholders. However, such an exclusion of pre-emption rights will be permissible for fractional amounts. No Authorized Capital 2010/I has been issued at December 31, 2014. | |||||||||||||||
In addition, by resolution of the AGM of shareholders on May 11, 2010, the General Partner was authorized, with the approval of the supervisory board, to increase, on one or more occasions, the share capital of the Company until May 10, 2015 up to a total of €25,000 through the issue of new bearer ordinary shares for cash contributions or contributions in kind, “Authorized Capital 2010/II”. The General Partner is entitled, subject to the approval of the supervisory board, to exclude the pre-emption rights of the shareholders. However, such exclusion of pre-emption rights will be permissible only if (i) in case of a capital increase against cash contributions, the nominal value of the issued shares does not exceed 10% of the nominal share value of the Company's share capital and the issue price for the new shares is at the time of the determination by the General Partner not significantly lower than the stock price in Germany of the existing listed shares of the same class and with the same rights or, (ii) in case of a capital increase against contributions in kind, the purpose of such increase is to acquire an enterprise, parts of an enterprise or an interest in an enterprise. No Authorized Capital 2010/II has been issued at December 31, 2014. | |||||||||||||||
Authorized Capital 2010/I and Authorized Capital 2010/II became effective upon registration with the commercial register of the local court in Hof an der Saale on May 25, 2010. | |||||||||||||||
Conditional Capital | |||||||||||||||
By resolution of the Company's AGM on May 12, 2011, the Company's share capital was conditionally increased with regards to the 2011 Stock Option Plan (“2011 SOP”) by up to €12,000 subject to the issue of up to twelve million no par value bearer ordinary shares with a nominal value of €1.00 each. For further information, see Note 17. | |||||||||||||||
By resolution of the Company's AGM on May 9, 2006, as amended by the AGM on May 15, 2007, resolving a three-for-one share split, the Company's share capital was conditionally increased by up to €15,000 corresponding to 15 million ordinary shares with no par value and a nominal value of €1.00. This Conditional Capital increase can only be effected by the exercise of stock options under the Company's Stock Option Plan 2006 with each stock option awarded exercisable for one ordinary share (see Note 17). The Company has the right to deliver ordinary shares that it owns or purchases in the market in place of increasing capital by issuing new shares. | |||||||||||||||
Through the Company's other employee participation programs, the Company has issued convertible bonds and stock option/subscription rights (Bezugsrechte) to employees and the members of the Management Board of the General Partner and employees and members of management of affiliated companies that entitle these persons to receive shares. At December 31, 2014, 9,189,631 convertible bonds or options remained outstanding with a remaining average term of 4.59 years under these programs. For the year ending December 31, 2014, 2,108,521 options had been exercised under these employee participation plans (see Note 17). | |||||||||||||||
As the result of the Company's three-for-one stock split for both then-outstanding preference and ordinary shares, which was approved by the shareholders at the AGM on May 15, 2007, on June 15, 2007 the Company's Conditional Capital was increased by $6,557 (€4,454). Conditional Capital available for all programs at December 31, 2014 is $25,932 (€21,359) which includes $14,569 (€12,000) for the 2011 SOP, $7,007 (€5,771) for the 2006 Plan and $4,356 (€3,588) for the 2001 Plan (see Note 17). | |||||||||||||||
Treasury Stock | |||||||||||||||
By resolution of the Company's AGM on May 12, 2011, the Company was authorized to conduct a share buy-back program to repurchase ordinary shares. On April 4, 2013, the Company issued an ad hoc announcement of a share buy-back program in the aggregate value of up to €385,000 (approximately $500,000). The buy-back started on May 20, 2013 and was completed on August 14, 2013 after 7,548,951 shares had been repurchased in the amount of €384,966 ($505,014). These shares are restricted treasury stock which means there are no associated dividends or voting rights. These treasury shares will be used solely to either reduce the registered share capital of the Company by cancellation of the acquired shares, or to fulfill employee participation programs of the Company. | |||||||||||||||
The following tabular disclosure provides the monthly detail of shares repurchased during the buy-back program, which ended on August 14, 2013: | |||||||||||||||
Period | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Total Value of Shares Repurchased | ||||||||||||
in € | in $(1) | in €(3) | in $(2), (3) | ||||||||||||
(in thousands) | |||||||||||||||
May-13 | 52.96 | 68.48 | 1,078,255 | 57,107 | 73,842 | ||||||||||
Jun-13 | 53.05 | 69.95 | 2,502,552 | 132,769 | 175,047 | ||||||||||
Jul-13 | 49.42 | 64.63 | 2,972,770 | 146,916 | 192,124 | ||||||||||
Aug-13 | 48.4 | 64.3 | 995,374 | 48,174 | 64,001 | ||||||||||
Total | 51 | 66.9 | 7,548,951 | 384,966 | 505,014 | ||||||||||
(1) The dollar value is calculated using the daily exchange rate for the share repurchases made during the month. | |||||||||||||||
(2) The value of the shares repurchased in Dollar is calculated using the total value of the shares purchased in Euro converted using the daily exchange rate for the transactions. | |||||||||||||||
(3) This amount is inclusive of fees (net of taxes) paid in the amount of approximately $106 (€81) for services rendered. | |||||||||||||||
Dividends | |||||||||||||||
Under German law, the amount of dividends available for distribution to shareholders is based upon the unconsolidated retained earnings of Fresenius Medical Care AG & Co. KGaA as reported in its balance sheet determined in accordance with the German Commercial Code (Handelsgesetzbuch). In addition, the payment of dividends by FMC-AG & Co. KGaA is subject to limitations under the Amended 2012 Credit Agreement (see Note 11). | |||||||||||||||
Cash dividends of $317,903 for 2013 in the amount of €0.77 per ordinary share were paid on May 16, 2014. | |||||||||||||||
Cash dividends of $296,134 for 2012 in the amount of €0.77 per then-outstanding preference share and €0.75 per ordinary share were paid on May 17, 2013. | |||||||||||||||
Cash dividends of $271,733 for 2011 in the amount of €0.71 per then-outstanding preference share and €0.69 per ordinary share were paid on May 11, 2012. | |||||||||||||||
Sources_Of_Revenue
Sources Of Revenue | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||||
Sources of Revenue | 2014 | 2013 | 2012 | ||||||
Medicare program | $ | 4,677,053 | $ | 4,411,285 | $ | 4,029,773 | |||
Private/alternative payors | 4,278,847 | 3,841,473 | 3,605,081 | ||||||
Medicaid and other government sources | 433,092 | 392,908 | 474,520 | ||||||
Hospitals | 568,859 | 411,340 | 400,791 | ||||||
Total patient service revenue | $ | 9,957,851 | $ | 9,057,006 | $ | 8,510,165 |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||||||||||
Earnings Per Share | 16. Earnings Per Share | |||||||||||||||||
The following table contains reconciliations of the numerators and denominators of the basic and diluted earnings per share computations for 2014, 2013 and 2012: | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Numerators: | ||||||||||||||||||
Net income attributable to shareholders of FMC-AG & Co. KGaA | $ | 1,045,266 | $ | 1,109,890 | $ | 1,186,809 | ||||||||||||
less: | ||||||||||||||||||
Dividend preference on Preference shares(a) | - | - | 102 | |||||||||||||||
Income available to all classes of shares | $ | 1,045,266 | $ | 1,109,890 | $ | 1,186,707 | ||||||||||||
Denominators: | ||||||||||||||||||
Weighted average number of: | ||||||||||||||||||
Ordinary shares outstanding | 302,339,124 | 301,877,303 | 301,139,652 | |||||||||||||||
Preference shares outstanding(a) | - | 1,937,819 | 3,969,307 | |||||||||||||||
Total weighted average shares outstanding | 302,339,124 | 303,815,122 | 305,108,959 | |||||||||||||||
Potentially dilutive Ordinary shares | 528,772 | 673,089 | 1,761,064 | |||||||||||||||
Potentially dilutive Preference shares | - | - | 16,851 | |||||||||||||||
Total weighted average Ordinary shares outstanding assuming dilution | 302,867,896 | 302,550,392 | 302,900,716 | |||||||||||||||
Basic earnings per share | $ | 3.46 | $ | 3.65 | $ | 3.89 | ||||||||||||
Fully diluted earnings per share | $ | 3.45 | $ | 3.65 | $ | 3.87 | ||||||||||||
(a) As of the preference share conversion on June 28th, 2013, the Company no longer has two classes of shares. |
Stock_Options
Stock Options | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||||
Stock Options | 17. Stock Options | |||||||||||
Fresenius Medical Care AG & Co KGaA Stock Options and other Share-Based Plans | ||||||||||||
In connection with its equity-settled stock option programs, the Company incurred compensation expense of $6,307, $13,593 and $26,476 for the years ending December 31, 2014, 2013, and 2012, respectively. There were no capitalized compensation costs in any of the three years presented. The Company also recorded a related deferred income tax of $1,384, $3,828 and $6,854 for the years ending December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
At December 31, 2014, the Company has various stock-based compensation plans as follows: | ||||||||||||
Fresenius Medical Care AG & Co. KGaA Long Term Incentive Program 2011 | ||||||||||||
On May 12, 2011, the Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2011 (“2011 SOP”) was established by resolution of the Company's AGM. The 2011 SOP, together with the Phantom Stock Plan 2011, which was established by resolution of the General Partner's Management and Supervisory Boards, forms the Company's Long Term Incentive Program 2011 (“2011 Incentive Program”). Under the 2011 Incentive Program, participants may be granted awards, which will consist of a combination of stock options and phantom stock. Awards under the 2011 Incentive Program will be granted over a five year period and can be granted on the last Monday in July and/or the first Monday in December each year. Generally, and prior to the respective grants, participants will be able to choose how much of the granted value is granted in the form of stock options and phantom stock in a predefined range of 75:25 to 50:50, stock options vs. phantom stock. For grants made in 2014 and for participants not belonging to the General Partner's Management Board, the grant ratio was predefined at 50:50. The number of phantom shares that plan participants may choose to receive instead of stock options within the aforementioned predefined range is determined on the basis of a fair value assessment pursuant to a binomial model. With respect to grants made in July, this fair value assessment will be conducted on the day following the Company's AGM and with respect to the grants made in December, on the first Monday in October. Awards under the 2011 Incentive Program are subject to a four-year vesting period. Vesting of the awards granted is subject to achievement of performance targets. The 2011 Incentive Program was established with a conditional capital increase up to €12,000 subject to the issue of up to twelve million non-par value bearer ordinary shares with a nominal value of €1.00, each of which can be exercised to obtain one ordinary share. | ||||||||||||
The Management Board, members of the management boards of the Company's affiliated companies and the managerial staff members of the Company and of certain affiliated companies are entitled to participate in the 2011 Incentive Program. With respect to participants who are members of the Management Board, the General Partner's Supervisory Board has sole authority to make plan interpretations, decide on certain adjustments and to grant awards under the 2011 Incentive Program. The General Partner has such authority with respect to all other participants in the 2011 Incentive Program. | ||||||||||||
The exercise price of stock options granted under the 2011 Incentive Program shall be the average stock exchange price on the Frankfurt Stock Exchange of the Company's shares during the 30 calendar days immediately prior to each grant date. Stock options granted under the 2011 Incentive Program have an eight-year term and can be exercised only after a four-year vesting period. Stock options granted under the 2011 Incentive Program to U.S. participants are non-qualified stock options under the United States Internal Revenue Code of 1986, as amended. Options under the 2011 Incentive Program are not transferable by a participant or a participant's heirs, and may not be pledged, assigned, or disposed of otherwise. | ||||||||||||
Phantom stock awards under the 2011 Incentive Program entitle the holders to receive payment in Euro from the Company upon exercise of the phantom stock. The payment per phantom share in lieu of the issuance of such stock shall be based upon the share price on the Frankfurt Stock Exchange of one of the Company's shares on the exercise date. Phantom stock awards have a five-year term and can be exercised only after a four-year vesting period, beginning with the grant date, however a shorter period may apply for certain exceptions. For participants who are U.S. tax payers, the phantom stock is deemed to be exercised in any event in the month of March following the end of the vesting period. | ||||||||||||
During 2014, under the 2011 Incentive Program, the Company awarded 1,677,360 stock options, including 273,900 stock options granted to the Management Board, at a weighted average exercise price of $61.14 (€50.35), a weighted average fair value of $12.21 each and a total fair value of $20,479 which will be amortized over the four-year vesting period. The Company also awarded 299,547 shares of phantom stock, including 24,950 shares of phantom stock granted to members of the Management Board at a measurement date weighted average fair value of $70.62 (€58.17) each and a total fair value of $21,155, which will be revalued if the fair value changes, and amortized over the four-year vesting period. | ||||||||||||
During 2013, the Company awarded 2,141,076 stock options under the 2011 Incentive Program, including 328,680 stock options granted to the Management Board at a weighted average exercise price of $68.61 (€49.75), a weighted average fair value of $11.88 each and a total fair value of $25,431, which will be amortized over the four-year vesting period. The Company awarded 186,392 phantom shares, including 25,006 phantom shares granted to the Management Board at a measurement date weighted average fair value of $66.50 (€48.22) each and a total fair value of $12,395 which will be revalued if the fair value changes, and amortized over the four year vesting period. | ||||||||||||
Incentive plan | ||||||||||||
In 2014, the Management Board was eligible for performance–related compensation that depended upon achievement of targets. The targets are measured by reference to operating income margin, net income growth and free cash flow (net cash provided by operating activities after capital expenditures before acquisitions and investments) in percentage of revenue, and are derived from the comparison of targeted and actually achieved current year figures. Targets are divided into Group level targets and those to be achieved in individual regions and areas of responsibility. | ||||||||||||
Performance-related bonuses for fiscal year 2014 will consist proportionately of a cash component and a share-based component which will be paid in cash. Upon meeting the annual targets, the cash component will be paid after the end of 2014. The share-based component is subject to a three- or four-year vesting period, although a shorter period may apply in special cases. The amount of cash for the payment relating to the share-based component shall be based on the share price of Fresenius Medical Care AG & Co. KGaA ordinary shares upon exercise. The amount of the achievable bonus for each of the members of the Management Board is capped. | ||||||||||||
Share-based compensation related to this plan for years 2014, 2013 and 2012 was $1,040, $1,110 and $2,751, respectively. | ||||||||||||
Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2006 | ||||||||||||
The Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2006 (“Amended 2006 Plan”) was established with a conditional capital increase up to €12,800, subject to the issue of up to five million no par value bearer ordinary shares with a nominal value of €1.00, each of which can be exercised to obtain one ordinary share. In connection with the share split affected in 2007, the principal amount was adjusted to the same proportion as the share capital out of the capital increase up to €15,000 by the issue of up to 15 million new non-par value bearer ordinary shares. After December 2010, no further grants were issued under the Amended 2006 Plan. Options granted under this plan are exercisable through December 2017. | ||||||||||||
Options granted under the Amended 2006 Plan to US participants are non-qualified stock options under the United States Internal Revenue Code of 1986, as amended. Options under the Amended 2006 Plan are not transferable by a participant or a participant's heirs, and may not be pledged, assigned, or otherwise disposed of. | ||||||||||||
Fresenius Medical Care 2001 International Stock Option Plan | ||||||||||||
Under the Fresenius Medical Care 2001 International Stock Incentive Plan (the “2001 Plan”), options in the form of convertible bonds with a principal of up to €10,240 were issued to the Management Board and other employees of the Company representing grants for up to 4 million non-voting preference shares. The convertible bonds originally had a par value of €2.56 and bear interest at a rate of 5.5%. In connection with the share split affected in 2007, the principal amount was adjusted in the same proportion as the share capital out of the capital increase and the par value of the convertible bonds was adjusted to €0.85 without affecting the interest rate. | ||||||||||||
Based on the resolution of the Annual General Meeting and the separate Meeting of the Preference Shareholders on May 16, 2013 regarding the conversion of all preference shares into ordinary shares, the 2001 Plan was amended accordingly. The partial amount of the capital increase which was formerly referred to as the issuance of bearer preference shares will now be referred exclusively to the issuance of bearer ordinary shares. | ||||||||||||
Effective May 2006, no further grants can be issued under the 2001 Plan and no options were granted under this plan after 2005. The outstanding options will expire before 2016. | ||||||||||||
Additional stock option plans information | ||||||||||||
At December 31, 2014, the Management Board held 1,485,076 stock options and employees of the Company held 7,704,555 stock options under the various stock-based compensation plans of the Company. No stock options for preference shares were outstanding, due to the preference share conversion during the second quarter of 2013. | ||||||||||||
At December 31, 2014, the Management Board held 66,960 phantom shares and employees of the Company held 666,038 phantom shares under the 2011 Incentive Plan. | ||||||||||||
The table below provides reconciliations for stock options outstanding at December 31, 2014, as compared to December 31, 2013. | ||||||||||||
Weighted | Weighted | |||||||||||
average | average | |||||||||||
Options | exercise | exercise | ||||||||||
(in thousands) | price | price | ||||||||||
Stock options for ordinary shares | € | $ | ||||||||||
Balance at December 31, 2013 | 10,791 | 45.83 | 55.64 | |||||||||
Granted | 1,677 | 50.35 | 61.14 | |||||||||
Exercised | 2,109 | 35.17 | 42.7 | |||||||||
Forfeited | 1,170 | 51.81 | 62.9 | |||||||||
Balance at December 31, 2014 | 9,189 | 48.34 | 58.69 | |||||||||
The following table provides a summary of fully vested options outstanding and exercisable at December 31, 2014: | ||||||||||||
Fully Vested Outstanding and Exercisable Options | ||||||||||||
Weighted | ||||||||||||
average | Weighted | Weighted | ||||||||||
Number | remaining | average | average | Aggregate | Aggregate | |||||||
of | contractual | exercise | exercise | intrinsic | intrinsic | |||||||
Options | life in years | price | price | value | value | |||||||
(in thousands) | € | US$ | € | US$ | ||||||||
Options for ordinary shares | 2,539 | 1.84 | 37.38 | 45.38 | 62,139 | 75,443 | ||||||
At December 31, 2014, there was $32,040 of total unrecognized compensation costs related to non-vested options granted under all plans. These costs are expected to be recognized over a weighted-average period of 1.95 years. | ||||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company received cash of $98,523, $102,418 and $100,118, respectively, from the exercise of stock options (see Note 14). The intrinsic value of convertible bonds and stock options exercised for the twelve-month periods ending December 31, 2014, 2013, and 2012 was $47,396, $52,203 and $83,690, respectively. The Company recorded a cash inflow for income taxes from stock option exercises of $8,529, $8,882 and $21,008 for the years ending December 31, 2014, 2013, and 2012, respectively. The excess tax benefit allocated to additional paid-in capital for the twelve-month periods ending December 31, 2014, 2013 and 2012 was $4,056, $3,897 and $13,668, respectively. | ||||||||||||
In connection with cash-settled share based payment transactions under the 2011 Incentive Program the Company recognized expense of $5,389, $3,559 and $5,144 for the years ending December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Fair Value Information | ||||||||||||
The Company used a binomial option-pricing model in determining the fair value of the awards under the 2011 SOP and the Amended 2006 Plan. Option valuation models require the input of subjective assumptions including expected stock price volatility. The Company's assumptions are based upon its past experiences, market trends and the experiences of other entities of the same size and in similar industries. Expected volatility is based on historical volatility of the Company's shares. To incorporate the effects of expected early exercise in the model, an early exercise of vested options was assumed as soon as the share price exceeds 155% of the exercise price. The Company's stock options have characteristics that vary significantly from traded options and changes in subjective assumptions can materially affect the fair value of the option. The assumptions used to determine the fair value of the 2014 and 2013 grants are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Expected dividend yield | 1.99% | 2.02% | ||||||||||
Risk-free interest rate | 0.83% | 1.33% | ||||||||||
Expected volatility | 22.16% | 22.44% | ||||||||||
Expected life of options | 8 years | 8 years | ||||||||||
Weighted average exercise price (in €) | 50.35 | 49.75 | ||||||||||
Weighted average exercise price (in US-$) | 61.14 | 68.61 | ||||||||||
Subsidiary Stock Incentive Plans | ||||||||||||
Incentive | Fair | |||||||||||
Units | Value | |||||||||||
(in thousands) | (per unit) | |||||||||||
Incentive Units | $ | |||||||||||
Balance at December 31, 2013 | 0 | 0 | ||||||||||
Granted | 72,852 | 0.19 | ||||||||||
Exercised | 0 | 0 | ||||||||||
Balance at December 31, 2014 | 72,852 | 0.19 | ||||||||||
Incentive | ||||||||||||
Units | Fair Value | |||||||||||
(in thousands) | (per unit) | |||||||||||
Incentive Units | $ | |||||||||||
Balance at December 31, 2013 | 0 | 0 | ||||||||||
Granted | 12,670 | 0.66 | ||||||||||
Exercised | 0 | 0 | ||||||||||
Balance at December 31, 2014 | 12,670 | 0.66 | ||||||||||
The Company used the Monte Carlo pricing model in determining the fair value of the awards under this incentive plan. Option valuation models require the input of subjective assumptions including expected stock price volatility. The Company's assumptions are based upon its past experiences, market trends and the experiences of other entities of the same size and in similar industries. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||
Income Taxes | 18. Income Taxes | |||||||||
Income before income taxes is attributable to the following geographic locations: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Germany | $ | 243,684 | $ | 234,336 | $ | 263,651 | ||||
United States | 1,262,570 | 1,254,690 | 1,356,094 | |||||||
Other | 337,152 | 358,609 | 312,368 | |||||||
$ | 1,843,406 | $ | 1,847,635 | $ | 1,932,113 | |||||
Income tax expense (benefit) for the years ended December 31, 2014, 2013, and 2012, consisted of the following: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Germany | $ | 72,613 | $ | 81,117 | $ | 52,862 | ||||
United States | 270,676 | 387,017 | 342,250 | |||||||
Other | 141,291 | 116,186 | 139,136 | |||||||
484,580 | 584,320 | 534,248 | ||||||||
Deferred: | ||||||||||
Germany | -22,651 | -33,106 | 10,478 | |||||||
United States | 152,423 | 47,298 | 98,200 | |||||||
Other | -30,754 | -6,500 | -37,790 | |||||||
99,018 | 7,692 | 70,888 | ||||||||
$ | 583,598 | $ | 592,012 | $ | 605,136 | |||||
A reconciliation between the expected and actual income tax expense is shown below. The expected corporate income tax expense is computed by applying the German corporation tax rate (including the solidarity surcharge) and the trade tax rate on income before income taxes. The German combined statutory tax rates were 29.20%, 29.16% and 28.71% for the fiscal years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||
2014 | 2013 | 2012 | ||||||||
Expected corporate income tax expense | $ | 538,275 | $ | 538,770 | $ | 554,613 | ||||
Tax free income | -39,441 | -64,141 | -90,943 | |||||||
Income from equity method investees | -5,476 | -4,869 | -2,133 | |||||||
Tax rate differentials | 148,294 | 132,977 | 137,527 | |||||||
Non-deductible expenses | 25,161 | 20,564 | 19,961 | |||||||
Taxes for prior years | -25,247 | -6,389 | 22,420 | |||||||
Change in valuation allowance | 6,284 | 3,154 | -19,680 | |||||||
Noncontrolling partnership interests | -81,594 | -55,023 | -49,081 | |||||||
Other | 17,342 | 26,969 | 32,452 | |||||||
Actual income tax expense | $ | 583,598 | $ | 592,012 | $ | 605,136 | ||||
Effective tax rate | 31.70% | 32.00% | 31.30% | |||||||
The tax effects of the temporary differences that give rise to deferred tax assets and liabilities at December 31, 2014 and 2013, are presented below: | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Accounts receivable | $ | 7,007 | $ | 8,789 | ||||||
Inventory | 9,424 | 9,731 | ||||||||
Property, plant and equipment, intangible and other non-current assets | 29,144 | 20,093 | ||||||||
Accrued expenses and other liabilities | 285,333 | 305,664 | ||||||||
Pensions | 170,659 | 97,958 | ||||||||
Net operating loss carryforwards, tax credit carryforwards and interest carryforwards | 138,934 | 141,727 | ||||||||
Derivatives | 10,912 | 2,169 | ||||||||
Stock-based compensation | 11,934 | 22,710 | ||||||||
Other | 12,407 | 13,632 | ||||||||
Total deferred tax assets | $ | 675,754 | $ | 622,473 | ||||||
Less: valuation allowance | -49,479 | -48,563 | ||||||||
Net deferred tax assets | $ | 626,275 | $ | 573,910 | ||||||
Deferred tax liabilities: | ||||||||||
Accounts receivable | $ | 40,453 | $ | 43,031 | ||||||
Inventory | 10,316 | 12,264 | ||||||||
Property, plant and equipment, intangible and other non-current assets | 867,677 | 776,254 | ||||||||
Accrued expenses and other liabilities | 10,368 | 17,197 | ||||||||
Derivatives | 4,177 | 2,274 | ||||||||
Other | 146,274 | 117,255 | ||||||||
Total deferred tax liabilities | 1,079,265 | 968,275 | ||||||||
Net deferred tax assets (liabilities) | $ | -452,990 | $ | -394,365 | ||||||
The valuation allowance increased by $916 in 2014 and increased by $4,372 in 2013. | ||||||||||
The net operating losses included in the table below reflect U.S. federal tax, German corporate income tax, and other tax loss carryforwards in the various countries in which we operate: | ||||||||||
2015 | $ | 12,083 | ||||||||
2016 | 16,516 | |||||||||
2017 | 23,223 | |||||||||
2018 | 24,469 | |||||||||
2019 | 40,685 | |||||||||
2020 | 10,150 | |||||||||
2021 | 7,216 | |||||||||
2022 | 11,811 | |||||||||
2023 | 9,434 | |||||||||
2024 and thereafter | 33,367 | |||||||||
Without expiration date | 101,003 | |||||||||
Total | $ | 289,957 | ||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of a deferred tax asset will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and tax loss carryforwards become deductible. Management considers the expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more-likely-than-not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances at December 31, 2014. | ||||||||||
The Company provides for income taxes and foreign withholding taxes on the cumulative earnings of foreign subsidiaries that will not be reinvested. At December 31, 2014, the Company provided for $11,426 (2013: $8,396) of deferred tax liabilities associated with earnings that are likely to be distributed in 2015 and the following years. Provision has not been made for additional taxes on $6,622,324 (2013: $6,269,794) undistributed earnings of foreign subsidiaries as these earnings are considered indefinitely reinvested. The earnings could become subject to additional tax if remitted or deemed remitted as dividends; however calculation of such additional tax is not practicable. These taxes would predominantly comprise foreign withholding tax on dividends of foreign subsidiaries, and German income tax of approximately 1.5% on all dividends and capital gains. | ||||||||||
FMC-AG & Co. KGaA companies are subject to tax audits in Germany and the U.S. on a regular basis and on-going tax audits in other jurisdictions. | ||||||||||
In Germany, the tax audit for the years 2002 through 2005 was completed during 2014 and resulted in payments totaling €76,232 ($101,274 for the period ended December 31, 2014), which had been previously provided for. The tax years 2006 through 2012 are currently under audit by the tax authorities. Fiscal years 2013 until 2014 are open to audit. | ||||||||||
In the U.S., the tax years 2011 and 2012 are currently under audit by the tax authorities. Fiscal years 2013 until 2014 are open to audit. FMCH is also subject to audit in various state jurisdictions. A number of these audits are in progress and various years are open to audit in various state jurisdictions. All expected results for both federal and state income tax audits have been recognized in the financial statements. | ||||||||||
The Company filed claims for refunds contesting the Internal Revenue Service's (“IRS”) disallowance of FMCH's deductions for civil settlement payments taken by FMCH in prior year tax returns. As a result of a settlement agreement with the IRS, the Company received a partial refund in September 2008 of $37,000, inclusive of interest and preserved its right to pursue claims in the United States Courts for refunds of all other disallowed deductions, which totaled approximately $126,000. On December 22, 2008, the Company filed a complaint for complete refund in the United States District Court for the District of Massachusetts, styled as Fresenius Medical Care Holdings, Inc. v. United States. On August 15, 2012, a jury entered a verdict for FMCH granting additional deductions of $95,000. On May 31, 2013, the District Court entered final judgment for FMCH in the refund amount of $50,400. On September 18, 2013, the IRS appealed the District Court's ruling to the United States Court of Appeals for the First Circuit (Boston). On August 13, 2014, the United States Court of Appeals for the First Circuit (Boston) affirmed the District Court's order. The District Court judgment became final upon the government's decision not to seek a writ of certiorari from the United States Supreme Court. Accordingly, the Company recorded a net tax benefit of approximately $23,000 in the fourth quarter of 2014. | ||||||||||
Subsidiaries of FMC-AG & Co. KGaA in a number of countries outside of Germany and the U.S. are also subject to tax audits. The Company estimates that the effects of such tax audits are not material to these consolidated financial statements. | ||||||||||
The following table shows the reconciliation of the beginning and ending amounts of unrecognized tax benefits: | ||||||||||
Unrecognized tax benefits (net of interest) | 2014 | 2013 | 2012 | |||||||
Balance at January 1, | $ | 199,924 | $ | 225,198 | $ | 223,829 | ||||
Increases in unrecognized tax benefits prior periods | 35,584 | 25,260 | 13,232 | |||||||
Decreases in unrecognized tax benefits prior periods | -21,143 | -11,445 | -5,913 | |||||||
Increases in unrecognized tax benefits current period | 12,600 | 10,062 | 17,903 | |||||||
Changes related to settlements with tax authorities | -60,872 | -52,325 | -14,763 | |||||||
Foreign currency translation | 15 | 3,174 | -9,090 | |||||||
Balance at December 31, | $ | 166,108 | $ | 199,924 | $ | 225,198 | ||||
Included in the balance at December 31, 2014 were $156,368 of unrecognized tax benefits which would affect the effective tax rate if recognized. The Company is currently not in a position to forecast the timing and magnitude of changes in unrecognized tax benefits. | ||||||||||
During the year ended December 31, 2014 the Company recognized benefits of $13,986 and in 2013 and 2012 expenses of $2,155 and $11,071 in interest and penalties, respectively. At December 31, 2014 and December 31, 2013 the Company had a total accrual of tax related interest and penalties of $1,397 and $17,580, respectively. |
Operating_Leases
Operating Leases | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes to Consolidated Financial Statements [Abstract] | |||
Operating Leases | 19. Operating Leases | ||
The Company leases buildings and machinery and equipment under various lease agreements expiring on dates through 2047. Rental expense recorded for operating leases for the years ended December 31, 2014, 2013 and 2012 was $729,387, $670,963 and $617,195, respectively. For information regarding intercompany operating leases, see Note 3 a). | |||
Future minimum rental payments under non-cancelable operating leases for the five years succeeding December 31, 2014 and thereafter are: | |||
2015 | $ | 661,366 | |
2016 | 583,491 | ||
2017 | 477,370 | ||
2018 | 396,689 | ||
2019 | 329,722 | ||
Thereafter | 1,130,293 | ||
3,578,931 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Consolidated Financial Statements [Abstract] | |
Commitments and Contingencies | 20. Commitments and Contingencies |
Legal and Regulatory Matters | |
The Company is routinely involved in numerous claims, lawsuits, regulatory and tax audits, investigations and other legal matters arising, for the most part, in the ordinary course of its business of providing healthcare services and products. Legal matters that the Company currently deems to be material or noteworthy are described below. For the matters described below in which the Company believes a loss is both reasonably possible and estimable, an estimate of the loss or range of loss exposure is provided. For the other matters described below, the Company believes that the loss probability is remote and/or the loss or range of possible losses cannot be reasonably estimated at this time. The outcome of litigation and other legal matters is always difficult to predict accurately and outcomes that are not consistent with the Company's view of the merits can occur. The Company believes that it has valid defenses to the legal matters pending against it and is defending itself vigorously. Nevertheless, it is possible that the resolution of one or more of the legal matters currently pending or threatened could have a material adverse effect on its business, results of operations and financial condition. | |
Commercial Litigation | |
On August 27, 2012, Baxter Health International Inc. (“Baxter”) filed suit in the U.S. District Court for the Northern District of Illinois, styled Baxter International Inc., et al., v. Fresenius Medical Care Holdings, Inc., Case No. 12-cv-06890, alleging that the Company's Liberty® cycler infringes certain U.S. patents that were issued to Baxter between October 2010 and June 2012. The Company believes it has valid defenses to these claims, and will defend this litigation vigorously. | |
On April 5, 2013, the U.S. Judicial Panel on Multidistrict Litigation ordered that the numerous lawsuits filed and anticipated to be filed in various federal courts alleging wrongful death and personal injury claims against FMCH and certain of its affiliates relating to FMCH's acid concentrate products NaturaLyte® and Granuflo® be transferred and consolidated for pretrial management purposes into a consolidated multidistrict litigation in the United States District Court for the District of Massachusetts, styled In Re: Fresenius Granuflo/Naturalyte Dialysate Products Liability Litigation, Case No. 2013-md-02428. The Massachusetts state courts subsequently established a similar consolidated litigation for such cases filed in Massachusetts county courts, styled In Re: Consolidated Fresenius Cases, Case No. MICV 2013-03400-O (Massachusetts Superior Court, Middlesex County). These lawsuits allege generally that inadequate labeling and warnings for these products caused harm to patients. In addition, similar cases have been filed in several state courts outside Massachusetts, in some of which the judicial authorities have established consolidated proceedings for their disposition. The attorneys general of Louisiana and Mississippi have also filed complaints under their state deceptive practice statutes and in their state courts based on allegations similar to those advanced in the personal injury litigation. FMCH believes that these lawsuits are without merit, and will defend them vigorously. | |
Other Litigation and Potential Exposures | |
On February 15, 2011, a whistleblower action under the False Claims Act against FMCH was unsealed by order of the United States District Court for the District of Massachusetts and served by the relator. The United States has not intervened in the case United States ex rel. Chris Drennen v. Fresenius Medical Care Holdings, Inc., 2009 Civ. 10179 (D. Mass.). The relator's complaint, which was first filed under seal in February 2009, alleges that the Company seeks and receives reimbursement from government payors for serum ferritin and hepatitis B laboratory tests that are medically unnecessary or not properly ordered by a physician. On March 6, 2011, the United States Attorney for the District of Massachusetts issued a subpoena seeking the production of documents related to the same laboratory tests that are the subject of the relator's complaint. FMCH has cooperated fully in responding to the subpoena, and will vigorously contest the relator's complaint. | |
Subpoenas or search warrants have been issued by federal and state law enforcement authorities under the supervision of the United States Attorneys for the Districts of Connecticut, Southern Florida, Eastern Virginia and Rhode Island to American Access Care LLC (“AAC”), which the Company acquired in October 2011, and to the Company's subsidiary, Fresenius Vascular Care, Inc., which now operates former AAC centers as well as its own original facilities. Subpoenas have also been issued to certain of the Company's outpatient hemodialysis facilities for records relating to vascular access treatment and monitoring. The Company is cooperating fully in these investigations. Communications with certain of the investigating United States Attorney Offices indicate that the inquiry encompasses invoicing and coding for procedures commonly performed in vascular access centers and the documentary support for the medical necessity of such procedures. The AAC acquisition agreement contains customary indemnification obligations with respect to breaches of representations, warranties or covenants and certain other specified matters. As of October 18, 2013, a group of the prior owners of AAC exercised their right pursuant to the terms of the acquisition agreement to assume responsibility for responding to certain of the subpoenas. Pursuant to the AAC acquisition agreement the prior owners are obligated to indemnify the Company for certain liabilities that might arise from those subpoenas. On February 9, 2015, the Company reached an agreement in principle with the United States Attorney for the Southern District of Florida to resolve the Southern Florida (Miami) investigation, which arose from allegations made in whistleblower actions filed under seal in July 2011. Under the settlement, which remains contingent on judicial approval, the Company will pay $1.2 million to the United States. The settlement and whistleblower complaint relate to actions prior to the Company's acquisition of AAC by a physician no longer associated with the Company. | |
The Company has received communications alleging conduct in countries outside the U.S. and Germany that may violate the U.S. Foreign Corrupt Practices Act (“FCPA”) or other anti-bribery laws. The Audit and Corporate Governance Committee of the Company's Supervisory Board is conducting an investigation with the assistance of independent counsel. The Company voluntarily advised the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”). The Company's investigation and dialogue with the SEC and DOJ are ongoing. The Company has received a subpoena from the SEC requesting additional documents and a request from the DOJ for copies of the documents provided to the SEC. The Company is cooperating with the requests. | |
Conduct has been identified that may result in monetary penalties or other sanctions under the FCPA or other anti-bribery laws. In addition, the Company's ability to conduct business in certain jurisdictions could be negatively impacted. The Company has previously recorded a non-material accrual for an identified matter. Given the current status of the investigation and remediation activities, the Company cannot reasonably estimate the range of possible loss that may result from identified matters or from the final outcome of the investigation or remediation activities. | |
The Company's independent counsel, in conjunction with the Company's Compliance Department, has reviewed the Company's anti-corruption compliance program, including internal controls related to compliance with international anti-bribery laws, and appropriate enhancements are being implemented. The Company is fully committed to FCPA and other anti-bribery law compliance. | |
In December 2012, FMCH received a subpoena from the United States Attorney for the District of Massachusetts requesting production of a broad range of documents related to products manufactured by FMCH, electron-beam sterilization of dialyzers and the Liberty peritoneal dialysis cycler. FMCH has cooperated fully in the government's investigation. In December 2014, FMCH was advised that the government's investigation was precipitated by a whistleblower, who first filed a complaint under seal in June 2013. In September 2014, the government declined to intervene in the whistleblower's actions. | |
In January 2013, FMCH received a subpoena from the United States Attorney for the Western District of Louisiana requesting discovery responses relating to the Granuflo® and Naturalyte® acid concentrate products that are also the subject of personal injury litigation described above. FMCH has cooperated fully in the government's investigation. | |
On June 13, 2014, the Ministry of Commerce of the People's Republic of China, (MOFCOM) launched an anti-dumping investigation into producers of hemodialysis equipment in the European Union and Japan, which includes certain of the Company's subsidiaries. On December 17, 2014 the MOFCOM announced the termination of the investigation after the complaint had been withdrawn by the petitioner. | |
The Company filed claims for refunds contesting the Internal Revenue Service's (“IRS”) disallowance of FMCH's deductions for civil settlement payments taken by FMCH in prior year tax returns. As a result of a settlement agreement with the IRS, the Company received a partial refund in September 2008 of $37,000, inclusive of interest and preserved its right to pursue claims in the United States Courts for refunds of all other disallowed deductions, which totaled approximately $126,000. On December 22, 2008, the Company filed a complaint for complete refund in the United States District Court for the District of Massachusetts, styled as Fresenius Medical Care Holdings, Inc. v. United States. On August 15, 2012, a jury entered a verdict for FMCH granting additional deductions of $95,000. On May 31, 2013, the District Court entered final judgment for FMCH in the refund amount of $50,400. On September 18, 2013, the IRS appealed the District Court's ruling to the United States Court of Appeals for the First Circuit (Boston). On August 13, 2014, the United States Court of Appeals for the First Circuit (Boston) affirmed the District Court's order. The District Court judgment became final upon the government's decision not to seek a writ of certiorari from the United States Supreme Court. | |
In August 2014, FMCH received a subpoena from the United States Attorney for the District of Maryland inquiring into FMCH's contractual arrangements with hospitals and physicians, including contracts relating to the management of in-patient acute dialysis services. FMCH is cooperating in the investigation. | |
From time to time, the Company is a party to or may be threatened with other litigation or arbitration, claims or assessments arising in the ordinary course of its business. Management regularly analyzes current information including, as applicable, the Company's defenses and insurance coverage and, as necessary, provides accruals for probable liabilities for the eventual disposition of these matters. | |
The Company, like other healthcare providers, conducts its operations under intense government regulation and scrutiny. It must comply with regulations which relate to or govern the safety and efficacy of medical products and supplies, the marketing and distribution of such products, the operation of manufacturing facilities, laboratories and dialysis clinics, and environmental and occupational health and safety. With respect to its development, manufacture, marketing and distribution of medical products, if such compliance is not maintained, the Company could be subject to significant adverse regulatory actions by the FDA and comparable regulatory authorities outside the U.S. These regulatory actions could include warning letters or other enforcement notices from the FDA, and/or comparable foreign regulatory authority which may require the Company to expend significant time and resources in order to implement appropriate corrective actions. If the Company does not address matters raised in warning letters or other enforcement notices to the satisfaction of the FDA and/or comparable regulatory authorities outside the U.S., these regulatory authorities could take additional actions, including product recalls, injunctions against the distribution of products or operation of manufacturing plants, civil penalties, seizures of the Company's products and/or criminal prosecution. FMCH is currently engaged in remediation efforts with respect to three pending FDA warning letters. The Company must also comply with the laws of the United States, including the federal Anti-Kickback Statute, the federal False Claims Act, the federal Stark Law and the federal Foreign Corrupt Practices Act as well as other federal and state fraud and abuse laws. Applicable laws or regulations may be amended, or enforcement agencies or courts may make interpretations that differ from the Company's interpretations or the manner in which it conducts its business. Enforcement has become a high priority for the federal government and some states. In addition, the provisions of the False Claims Act authorizing payment of a portion of any recovery to the party bringing the suit encourage private plaintiffs to commence whistleblower actions. By virtue of this regulatory environment, the Company's business activities and practices are subject to extensive review by regulatory authorities and private parties, and continuing audits, subpoenas, other inquiries, claims and litigation relating to the Company's compliance with applicable laws and regulations. The Company may not always be aware that an inquiry or action has begun, particularly in the case of whistleblower actions, which are initially filed under court seal. | |
The Company operates many facilities throughout the United States and other parts of the world. In such a decentralized system, it is often difficult to maintain the desired level of oversight and control over the thousands of individuals employed by many affiliated companies. The Company relies upon its management structure, regulatory and legal resources, and the effective operation of its compliance program to direct, manage and monitor the activities of these employees. On occasion, the Company may identify instances where employees or other agents deliberately, recklessly or inadvertently contravene the Company's policies or violate applicable law. The actions of such persons may subject the Company and its subsidiaries to liability under the Anti-Kickback Statute, the Stark Law, the False Claims Act and the Foreign Corrupt Practices Act, among other laws and comparable laws of other countries. | |
Physicians, hospitals and other participants in the healthcare industry are also subject to a large number of lawsuits alleging professional negligence, malpractice, product liability, worker's compensation or related claims, many of which involve large claims and significant defense costs. The Company has been and is currently subject to these suits due to the nature of its business and expects that those types of lawsuits may continue. Although the Company maintains insurance at a level which it believes to be prudent, it cannot assure that the coverage limits will be adequate or that insurance will cover all asserted claims. A successful claim against the Company or any of its subsidiaries in excess of insurance coverage could have a material adverse effect upon it and the results of its operations. Any claims, regardless of their merit or eventual outcome, could have a material adverse effect on the Company's reputation and business. | |
The Company has also had claims asserted against it and has had lawsuits filed against it relating to alleged patent infringements or businesses that it has acquired or divested. These claims and suits relate both to operation of the businesses and to the acquisition and divestiture transactions. The Company has, when appropriate, asserted its own claims, and claims for indemnification. A successful claim against the Company or any of its subsidiaries could have a material adverse effect upon its business, financial condition, and the results of its operations. Any claims, regardless of their merit or eventual outcome, could have a material adverse effect on the Company's reputation and business. | |
In addition to the contingent liabilities mentioned above, as well as in Note 4 and 19, the amount of the Company's other known contingent liabilities is immaterial. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||||||||||||||||||
Financial Instruments | 21. Financial Instruments | ||||||||||||||||||||||
Non-derivative Financial Instruments | |||||||||||||||||||||||
The following table presents the carrying amounts and fair values of the Company's non-derivative financial instruments at December 31, 2014, and December 31, 2013. | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||||
Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 633,855 | $ | 633,855 | $ | 682,777 | $ | 682,777 | ||||||||||||||
Accounts receivable(1)(2) | 2 | 3,431,672 | 3,431,672 | 3,220,518 | 3,220,518 | ||||||||||||||||||
Available for sale financial assets | 1 | 171,917 | 171,917 | 38,949 | 38,949 | ||||||||||||||||||
Notes Receivables | 3 | 180,250 | 180,308 | 165,807 | 175,768 | ||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Accounts payable(1) | 2 | $ | 713,915 | $ | 713,915 | $ | 666,526 | $ | 666,526 | ||||||||||||||
Short-term borrowings(1) | 2 | 138,050 | 138,050 | 158,990 | 158,990 | ||||||||||||||||||
Long term debt, excluding Amended 2012 Credit Agreement, Senior Notes, Convertible Bonds and Euro Notes | 2 | 527,062 | 527,062 | 679,847 | 679,847 | ||||||||||||||||||
Amended 2012 Credit Agreement | 2 | 2,900,222 | 2,900,222 | 2,707,145 | 2,710,270 | ||||||||||||||||||
Senior Notes | 2 | 5,514,947 | 5,992,859 | 4,824,753 | 5,348,679 | ||||||||||||||||||
Convertible Bonds | 2 | 451,653 | 531,193 | - | - | ||||||||||||||||||
Euro Notes | 2 | - | - | 46,545 | 47,423 | ||||||||||||||||||
Noncontrolling interests subject to put provisions | 3 | 824,658 | 824,658 | 648,251 | 648,251 | ||||||||||||||||||
(1) Also includes amounts from related parties. | |||||||||||||||||||||||
(2) Includes long-term accounts receivable, which are included in "Other assets and notes receivables" in the Consolidated Balance Sheets. | |||||||||||||||||||||||
The carrying amounts in the table are included in the Consolidated Balance Sheets under the indicated captions or, in the case of long-term debt, in the captions shown in Note 11. | |||||||||||||||||||||||
The significant methods and assumptions used in estimating the fair values of non-derivative financial instruments are as follows: | |||||||||||||||||||||||
Cash and cash equivalents are stated at nominal value which equals the fair value. | |||||||||||||||||||||||
Short-term financial instruments such as accounts receivable, accounts payable and short-term borrowings are valued at their carrying amounts, which are reasonable estimates of the fair value due to the relatively short period to maturity of these instruments. | |||||||||||||||||||||||
The fair value of available for sale financial assets quoted in an active market is based on price quotations at the period-end date. | |||||||||||||||||||||||
The valuation of notes receivable was determined using significant unobservable inputs. They were valued using a constructed index based upon similar instruments with comparable credit ratings, terms, tenor, interest rates and that are within the Company's industry. The Company tracked the prices of the constructed index from the note issuance date to the reporting date to determine fair value. See Note 8 for further information on the long-term notes receivable. | |||||||||||||||||||||||
The fair values of major long-term financial liabilities are calculated on the basis of market information. Instruments for which market quotes are available are measured using these quotes. The fair values of the other long-term financial liabilities are calculated at the present value of the respective future cash flows. To determine these present values, the prevailing interest rates and credit spreads for the Company as of the balance sheet date are used. | |||||||||||||||||||||||
The valuation of noncontrolling interests subject to put provisions is determined using significant unobservable inputs. See Note 13 for a discussion of the Company's methodology for estimating the fair value of these noncontrolling interests subject to put obligations. | |||||||||||||||||||||||
Currently, there is no indication that a decrease in the value of the Company's financing receivables is probable. Therefore, the allowances on credit losses of financing receivables are immaterial. | |||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||
The Company is exposed to market risk from changes in foreign exchange rates and interest rates. In order to manage the risk of currency exchange rate and interest rate fluctuations, the Company enters into various hedging transactions by means of derivative instruments with highly rated financial institutions as authorized by the Company's General Partner. On a quarterly basis, the Company performs an assessment of its counterparty credit risk. The Company currently considers this risk to be low. The Company's policy, which has been consistently followed, is that financial derivatives be used only for the purpose of hedging foreign currency and interest rate exposure. | |||||||||||||||||||||||
In certain instances, the Company enters into derivative contracts that do not qualify for hedge accounting but are utilized for economic purposes (“economic hedges”). The Company does not use financial instruments for trading purposes. | |||||||||||||||||||||||
The Company established guidelines for risk assessment procedures and controls for the use of financial instruments. They include a clear segregation of duties with regard to execution on one side and administration, accounting and controlling on the other. | |||||||||||||||||||||||
To reduce the credit risk arising from derivatives the Company concluded Master Netting Agreements with banks. Through such agreements, positive and negative fair values of the derivative contracts could be offset against one another if a partner becomes insolvent. This offsetting is valid for transactions where the aggregate amount of obligations owed to and receivable from are not equal. If insolvency occurs, the party which owes the larger amount is obliged to pay the other party the difference between the amounts owed in the form of one net payment. | |||||||||||||||||||||||
The Company elects not to offset the fair values of derivative financial instruments subject to master netting agreements in the Consolidated Balance Sheets. | |||||||||||||||||||||||
At December 31, 2014 and December 31, 2013, the Company had $26,820 and $18,334 of derivative financial assets subject to netting arrangements and $52,380 and $16,371 of derivative financial liabilities subject to netting arrangements. Offsetting these derivative financial instruments would have resulted in net assets of $13,856 and $12,169 as well as net liabilities of $39,416 and $10,207 at December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
In connection with the issuance of the Convertible Bonds, the Company purchased Share Options. Any increase of the Company's share price above the conversion price would be offset by a corresponding value increase of the Share Options (see Note 11). | |||||||||||||||||||||||
Foreign Exchange Risk Management | |||||||||||||||||||||||
The Company conducts business on a global basis in various currencies, though a majority of its operations are in Germany and the United States. For financial reporting purposes, the Company has chosen the U.S. dollar as its reporting currency. Therefore, changes in the rate of exchange between the U.S. dollar and the local currencies in which the financial statements of the Company's international operations are maintained affect its results of operations and financial position as reported in its consolidated financial statements. | |||||||||||||||||||||||
The Company's exposure to market risk for changes in foreign exchange rates relates to transactions such as sales and purchases. The Company has significant amounts of sales of products invoiced in euro from its European manufacturing facilities to its other international operations and, to a lesser extent, sales of products invoiced in other non-functional currencies. This exposes the subsidiaries to fluctuations in the rate of exchange between the euro and the currency in which their local operations are conducted. For the purpose of hedging existing and foreseeable foreign exchange transaction exposures the Company enters into foreign exchange forward contracts and, on a small scale, foreign exchange options. At December 31, 2014 and December 31, 2013 the Company had no foreign exchange options. | |||||||||||||||||||||||
Changes in the fair value of the effective portion of foreign exchange forward contracts designated and qualifying as cash flow hedges of forecasted product purchases and sales are reported in AOCI. Additionally, in connection with intercompany loans in foreign currency, the Company uses foreign exchange swaps thus assuring that no foreign exchange risks arise from those loans, which, if they qualify for cash flow hedge accounting, are also reported in AOCI. These amounts recorded in AOCI are subsequently reclassified into earnings as a component of cost of revenues for those contracts that hedge product purchases or as an adjustment of interest income/expense for those contracts that hedge loans, in the same period in which the hedged transaction affects earnings. The notional amounts of foreign exchange contracts in place that are designated and qualify as cash flow hedges totaled $401,555 and $238,983 at December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
The Company also enters into derivative contracts for forecasted product purchases and sales and for intercompany loans in foreign currency that do not qualify for hedge accounting but are utilized for economic hedges as defined above. In these cases, the change in value of the economic hedge is recorded in the income statement and usually offsets the change in value recorded in the income statement for the underlying asset or liability. The notional amounts of economic hedges that do not qualify for hedge accounting totaled $1,568,928 and $1,512,559 at December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
Interest Rate Risk Management | |||||||||||||||||||||||
The Company enters into derivatives, particularly interest rate swaps and to a certain extent, interest rate options, to protect against the risk of rising interest rates. These interest rate derivatives are designated as cash flow hedges and have been entered into in order to effectively convert payments based on variable interest rates into payments at a fixed interest rate. The euro-denominated interest rate swaps expire between 2016 and 2019 and have a weighted average interest rate of 0.68%. Interest payable and receivable under the swap agreements is accrued and recorded as an adjustment to interest expense. | |||||||||||||||||||||||
At December 31, 2014 and December 31, 2013, the notional amount of the euro-denominated interest rate swaps in place was €394,000 and €100,000 ($478,355 and $137,910 at December 31, 2014 and December 31, 2013, respectively). These interest rate swaps include swaps with a notional amount of €294,000 which became effective on January 30, 2015. | |||||||||||||||||||||||
In addition, the Company also enters into interest rate hedges (“pre-hedges”) in anticipation of future debt issuance, from time to time. These pre-hedges are used to hedge interest rate exposures with regard to interest rates which are relevant for the future debt issuance and which could rise until the debt is actually issued. These pre-hedges were settled at the issuance date of the corresponding debt with the settlement amount recorded in AOCI amortized to interest expense over the life of the pre-hedges. At December 31, 2014 and December 31, 2013, the Company had $85,675 and $118,844, respectively, related to such settlements of pre-hedges deferred in AOCI, net of tax. | |||||||||||||||||||||||
Derivative Financial Instruments Valuation | |||||||||||||||||||||||
The following table shows the carrying amounts of the Company's derivatives at December 31, 2014 and December 31, 2013. | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Assets(2) | Liabilities(2) | Assets(2) | Liabilities(2) | ||||||||||||||||||||
Derivatives in cash flow hedging relationships(1) | |||||||||||||||||||||||
Current | |||||||||||||||||||||||
Foreign exchange contracts | 2,659 | -24,509 | 4,985 | -2,719 | |||||||||||||||||||
Non-current | |||||||||||||||||||||||
Foreign exchange contracts | - | -77 | 759 | -374 | |||||||||||||||||||
Interest rate contracts | - | -4,779 | - | -4,392 | |||||||||||||||||||
Total | $ | 2,659 | $ | -29,365 | $ | 5,744 | $ | -7,485 | |||||||||||||||
Derivatives not designated as hedging instruments(1) | |||||||||||||||||||||||
Current | |||||||||||||||||||||||
Foreign exchange contracts | 25,582 | -29,295 | 11,679 | -22,982 | |||||||||||||||||||
Non-current | |||||||||||||||||||||||
Foreign exchange contracts | - | -137 | 1,060 | -820 | |||||||||||||||||||
Derivatives embedded in the Convertible Bonds | - | -65,767 | - | - | |||||||||||||||||||
Share Options to secure the Convertible Bonds | 65,767 | - | - | - | |||||||||||||||||||
Total | $ | 91,349 | $ | -95,199 | $ | 12,739 | $ | -23,802 | |||||||||||||||
(1) At December 31, 2014 and December 31, 2013, the valuation of the Company's derivatives was determined using Significant Other Observable Inputs (Level 2) in accordance with the fair value hierarchy levels established in U.S. GAAP. | |||||||||||||||||||||||
(2) Derivative instruments are marked to market each reporting period resulting in carrying amounts being equal to fair values at the reporting date. | |||||||||||||||||||||||
The carrying amounts for the current portion of derivatives indicated as assets in the table above are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets while the current portion of those indicated as liabilities are included in Accrued expenses and other current liabilities. The non-current portions indicated as assets or liabilities are included in the Consolidated Balance Sheets in Other assets or Other liabilities, respectively. | |||||||||||||||||||||||
The significant methods and assumptions used in estimating the fair values of derivative financial instruments are as follows: | |||||||||||||||||||||||
The fair value of interest rate swaps is calculated by discounting the future cash flows on the basis of the market interest rates applicable for the remaining term of the contract as of the balance sheet date. To determine the fair value of foreign exchange forward contracts, the contracted forward rate is compared to the current forward rate for the remaining term of the contract as of the balance sheet date. The result is then discounted on the basis of the market interest rates prevailing at the balance sheet date for the applicable currency. The fair value of the embedded derivative of the convertible bonds is calculated using the difference between the market value of the convertible bond and the market value of an adequate straight bond discounted with the market interest rates as of the reporting date. | |||||||||||||||||||||||
The Company includes its own credit risk for financial instruments deemed liabilities and counterparty-credit risks for financial instruments deemed assets when measuring the fair value of derivative financial instruments. | |||||||||||||||||||||||
The Effect of Derivatives on the Consolidated Financial Statements | |||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives | Location of (Gain) or Loss Reclassified from AOCI in Income | Amount of (Gain) or Loss Reclassified from AOCI in Income | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||
(Effective Portion) for the year ended December 31, | (Effective Portion) for the year ended December 31, | ||||||||||||||||||||||
2014 | 2013 | (Effective Portion) | 2014 | 2013 | |||||||||||||||||||
Interest rate contracts | $ | 19,550 | $ | -6,601 | Interest income/expense | $ | 26,571 | $ | 28,111 | ||||||||||||||
Foreign exchange contracts | -23,123 | 3,684 | Costs of Revenue | 2,549 | -3,251 | ||||||||||||||||||
Foreign exchange contracts | Interest income/expense | - | 589 | ||||||||||||||||||||
$ | -3,573 | $ | -2,917 | $ | 29,120 | $ | 25,449 | ||||||||||||||||
Derivatives not Designated as Hedging Instruments | Amount of (Gain) or Loss Recognized in Income on Derivatives for the year ended December 31, | ||||||||||||||||||||||
Location of (Gain) or Loss Recognized in Income on Derivatives | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Foreign exchange contracts | Selling, general and administrative expense | ||||||||||||||||||||||
$ | -83,901 | $ | -15,190 | ||||||||||||||||||||
Foreign exchange contracts | Interest income/expense | 6,483 | 7,161 | ||||||||||||||||||||
$ | -77,418 | $ | -8,029 | ||||||||||||||||||||
For foreign exchange derivatives, the Company expects to recognize $13,840 of losses deferred in AOCI at December 31, 2014, in earnings during the next twelve months. | |||||||||||||||||||||||
The Company expects to incur additional interest expense of $22,332 over the next twelve months which is currently deferred in AOCI. This amount reflects the projected amortization of the settlement amount of the terminated swaps and the current fair value of the additional interest payments resulting from the interest rate swaps maturing between 2016 and 2019 at December 31, 2014. | |||||||||||||||||||||||
At December 31, 2014, the Company had foreign exchange derivatives with maturities of up to 17 months and interest rate swaps with maturities of up to 58 months. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||||||||||||
Other Comprehensive Income (Loss) | 22. Other Comprehensive Income (Loss) | |||||||||||||||||||
The changes in the components of other comprehensive income (loss) for the years ended December 31, 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||
Pretax | Tax effect | Net, before non-controlling interests | Non-controlling interests | Other comprehensive income (loss), net of tax | ||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Other comprehensive income (loss) relating to cash flow hedges: | ||||||||||||||||||||
Changes in fair value of cash flow hedges during the period | $ | 5,072 | $ | -21,171 | $ | -16,099 | $ | - | $ | -16,099 | ||||||||||
Reclassification adjustments | 18,947 | -4,968 | 13,979 | - | 13,979 | |||||||||||||||
Total other comprehensive income (loss) relating to cash flow hedges | 24,019 | -26,139 | -2,120 | - | -2,120 | |||||||||||||||
Foreign-currency translation adjustment | 63,982 | - | 63,982 | -179 | 63,803 | |||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||
Actuarial (loss) gain on defined benefit pension plans | -121,512 | 42,159 | -79,353 | - | -79,353 | |||||||||||||||
Reclassification adjustments | 18,334 | -7,189 | 11,145 | - | 11,145 | |||||||||||||||
Total other comprehensive income (loss) relating to defined benefit pension plans | -103,178 | 34,970 | -68,208 | - | -68,208 | |||||||||||||||
Other comprehensive income (loss) | $ | -15,177 | $ | 8,831 | $ | -6,346 | $ | -179 | $ | -6,525 | ||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Other comprehensive income (loss) relating to cash flow hedges: | ||||||||||||||||||||
Changes in fair value of cash flow hedges during the period | $ | -2,917 | $ | 1,346 | $ | -1,571 | $ | - | $ | -1,571 | ||||||||||
Reclassification adjustments | 25,449 | -7,393 | 18,056 | - | 18,056 | |||||||||||||||
Total other comprehensive income (loss) relating to cash flow hedges | 22,532 | -6,047 | 16,485 | - | 16,485 | |||||||||||||||
Foreign-currency translation adjustment | -112,395 | - | -112,395 | -2,044 | -114,439 | |||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||
Actuarial (loss) gain on defined benefit pension plans | 39,571 | -17,828 | 21,743 | - | 21,743 | |||||||||||||||
Reclassification adjustments | 25,418 | -9,725 | 15,693 | - | 15,693 | |||||||||||||||
Total other comprehensive income (loss) relating to defined benefit pension plans | 64,989 | -27,553 | 37,436 | - | 37,436 | |||||||||||||||
Other comprehensive income (loss) | $ | -24,874 | $ | -33,600 | $ | -58,474 | $ | -2,044 | $ | -60,518 | ||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||
Other comprehensive income (loss) relating to cash flow hedges: | ||||||||||||||||||||
Changes in fair value of cash flow hedges during the period | $ | -3,573 | $ | 1,417 | $ | -2,156 | $ | - | $ | -2,156 | ||||||||||
Reclassification adjustments | 29,120 | -8,385 | 20,735 | - | 20,735 | |||||||||||||||
Total other comprehensive income (loss) relating to cash flow hedges | 25,547 | -6,968 | 18,579 | - | 18,579 | |||||||||||||||
Foreign-currency translation adjustment | -415,703 | - | -415,703 | -6,086 | -421,789 | |||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||
Actuarial (loss) gain on defined benefit pension plans | -232,308 | 81,476 | -150,832 | - | -150,832 | |||||||||||||||
Reclassification adjustments | 17,147 | -6,347 | 10,800 | - | 10,800 | |||||||||||||||
Total other comprehensive income (loss) relating to defined benefit pension plans | -215,161 | 75,129 | -140,032 | - | -140,032 | |||||||||||||||
Other comprehensive income (loss) | $ | -605,317 | $ | 68,161 | $ | -537,156 | $ | -6,086 | $ | -543,242 | ||||||||||
Changes in AOCI by component for the years ended December 31, 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||
Gain (Loss) related to cash flow hedges | Actuarial gain (loss) on defined benefit pension plans | Gain (Loss) related to foreign-currency translation | Total, before non-controlling interests | Non-controlling interests | Total | |||||||||||||||
Balance at December 31, 2011 | $ | -136,221 | $ | -111,215 | $ | -238,331 | $ | -485,767 | $ | 3,048 | $ | -482,719 | ||||||||
Other comprehensive income before reclassifications | -16,099 | -79,353 | 63,982 | -31,470 | -179 | -31,649 | ||||||||||||||
Amounts reclassified from AOCI | 13,979 | 11,145 | - | 25,124 | - | 25,124 | ||||||||||||||
Net current-period other comprehensive income | -2,120 | -68,208 | 63,982 | -6,346 | -179 | -6,525 | ||||||||||||||
Balance at December 31, 2012 | $ | -138,341 | $ | -179,423 | $ | -174,349 | $ | -492,113 | $ | 2,869 | $ | -489,244 | ||||||||
Other comprehensive income before reclassifications | -1,571 | 21,743 | -112,395 | -92,223 | -2,044 | -94,267 | ||||||||||||||
Amounts reclassified from AOCI | 18,056 | 15,693 | - | 33,749 | - | 33,749 | ||||||||||||||
Net current-period other comprehensive income | 16,485 | 37,436 | -112,395 | -58,474 | -2,044 | -60,518 | ||||||||||||||
Balance at December 31, 2013 | $ | -121,856 | $ | -141,987 | $ | -286,744 | $ | -550,587 | $ | 825 | $ | -549,762 | ||||||||
Other comprehensive income before reclassifications | -2,156 | -150,832 | -415,703 | -568,691 | -6,086 | -574,777 | ||||||||||||||
Amounts reclassified from AOCI | 20,735 | 10,800 | - | 31,535 | - | 31,535 | ||||||||||||||
Net current-period other comprehensive income | 18,579 | -140,032 | -415,703 | -537,156 | -6,086 | -543,242 | ||||||||||||||
Balance at December 31, 2014 | $ | -103,277 | $ | -282,019 | $ | -702,447 | $ | -1,087,743 | $ | -5,261 | $ | -1,093,004 | ||||||||
Reclassifications out of AOCI for the years ended December 31, 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||
Details about AOCI Components | Amount of (Gain) Loss reclassified from AOCI in Income | Location of (Gain) Loss reclassified from AOCI in Income | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(Gain) Loss related to cash flow hedges | ||||||||||||||||||||
Interest rate contracts | $ | 26,571 | $ | 28,111 | $ | 23,779 | Interest income/expense | |||||||||||||
Foreign exchange contracts | 2,549 | -3,251 | -5,414 | Costs of Revenue | ||||||||||||||||
Foreign exchange contracts | - | 589 | 582 | Interest income/expense | ||||||||||||||||
29,120 | 25,449 | 18,947 | Total before tax | |||||||||||||||||
-8,385 | -7,393 | -4,968 | Tax expense or benefit | |||||||||||||||||
$ | 20,735 | $ | 18,056 | $ | 13,979 | Net of tax | ||||||||||||||
Actuarial (Gain) Loss on defined benefit pension plans | ||||||||||||||||||||
Actuarial (gain) loss | $ | 17,147 | $ | 25,418 | $ | 18,334 | -1 | |||||||||||||
17,147 | 25,418 | 18,334 | Total before tax | |||||||||||||||||
-6,347 | -9,725 | -7,189 | Tax expense or benefit | |||||||||||||||||
$ | 10,800 | $ | 15,693 | $ | 11,145 | Net of tax | ||||||||||||||
Total reclassifications for the period | $ | 31,535 | $ | 33,749 | $ | 25,124 | Net of tax | |||||||||||||
(1) Included in the computation of net periodic pension cost (see Note 12 for additional details). |
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||||||||||||
Business Segment Information | 24. Segment and Corporate Information | ||||||||||||||||
The Company has identified three operating segments, North America Segment, EMEALA and Asia-Pacific, which were determined based upon how the Company manages its businesses. All segments are primarily engaged in providing health care services and the distribution of products and equipment for the treatment of ESRD. For reporting purposes, the Company has aggregated the EMEALA and Asia-Pacific operating segments as the “International Segment.” The segments are aggregated due to their similar characteristics such as the same services provided and products sold, the same type of patient population and similar methods of distribution of products and services. The General Partner's management board member responsible for the profitability and cash flow of each segment's various businesses supervises the management of each operating segment. The accounting policies of the segments are the same as those the Company applies in preparing the consolidated financial statements under U.S. GAAP. | |||||||||||||||||
Management evaluates each segment using measures that reflect all of the segment's controllable revenues and expenses. With respect to the performance of business operations, management believes that the most appropriate U.S. GAAP measures are revenue, operating income and operating income margin. The Company does not include income taxes as it believes this is outside the segments' control. Financing is a corporate function, which the Company's segments do not control. Therefore, the Company does not include interest expense relating to financing as a segment measurement. Similarly, the Company does not allocate certain costs, which relate primarily to certain headquarters overhead charges, including accounting and finance (“Corporate”), because the Company believes that these costs are also not within the control of the individual segments. Production of products, production asset management, quality management and procurement are centrally managed at Corporate by Global Manufacturing Operations. The Company's global research and development is also centrally managed at Corporate. These Corporate activities do not fulfill the definition of a segment. Products are transferred to the segments at cost; therefore no internal profit is generated. The associated internal revenues for the product transfers and their elimination are recorded as Corporate activities. Capital expenditures for production are based on the expected demand of the segments and consolidated profitability considerations. In addition, certain revenues, investments and intangible assets, as well as any related expenses, are not allocated to a segment but are accounted for as Corporate. | |||||||||||||||||
Information pertaining to the Company's segment and Corporate activities for the twelve-month periods ended December 31, 2014, 2013 and 2012 is set forth below. | |||||||||||||||||
North America Segment | International Segment | Segment Total | Corporate | Total | |||||||||||||
2014 | |||||||||||||||||
Net revenue external customers | $ | 10,500,095 | $ | 5,265,011 | $ | 15,765,106 | $ | 66,507 | $ | 15,831,613 | |||||||
Inter - segment revenue | 8,992 | 343 | 9,335 | -9,335 | - | ||||||||||||
Revenue | 10,509,087 | 5,265,354 | 15,774,441 | 57,172 | 15,831,613 | ||||||||||||
Depreciation and amortization | -364,137 | -190,698 | -554,835 | -144,493 | -699,328 | ||||||||||||
Operating Income | 1,642,911 | 970,456 | 2,613,367 | -358,834 | 2,254,533 | ||||||||||||
Income (loss) from equity method investees | 18,457 | 6,381 | 24,838 | - | 24,838 | ||||||||||||
Segment assets | 16,925,685 | 6,130,597 | 23,056,282 | 2,390,819 | 25,447,101 | ||||||||||||
thereof investments in equity method investees | 291,118 | 385,704 | 676,822 | - | 676,822 | ||||||||||||
Capital expenditures, acquisitions and investments (1) | 2,006,585 | 413,124 | 2,419,709 | 290,976 | 2,710,685 | ||||||||||||
2013 | |||||||||||||||||
Net revenue external customers | $ | 9,606,111 | $ | 4,970,319 | $ | 14,576,430 | $ | 33,297 | $ | 14,609,727 | |||||||
Inter - segment revenue | 7,045 | - | 7,045 | -7,045 | - | ||||||||||||
Revenue | 9,613,156 | 4,970,319 | 14,583,475 | 26,252 | 14,609,727 | ||||||||||||
Depreciation and amortization(2) | -331,397 | -188,104 | -519,501 | -128,724 | -648,225 | ||||||||||||
Operating Income(3) | 1,623,071 | 897,191 | 2,520,262 | -264,066 | 2,256,196 | ||||||||||||
Income (loss) from equity method investees(4) | 16,388 | 9,717 | 26,105 | - | 26,105 | ||||||||||||
Segment assets | 14,698,039 | 6,177,482 | 20,875,521 | 2,244,385 | 23,119,906 | ||||||||||||
thereof investments in equity method investees | 268,370 | 396,076 | 664,446 | - | 664,446 | ||||||||||||
Capital expenditures, acquisitions and investments (5) | 789,340 | 286,420 | 1,075,760 | 167,903 | 1,243,663 | ||||||||||||
2012 | |||||||||||||||||
Net revenue external customers | $ | 9,031,108 | $ | 4,740,132 | $ | 13,771,240 | $ | 29,042 | $ | 13,800,282 | |||||||
Inter - segment revenue | 10,072 | - | 10,072 | -10,072 | - | ||||||||||||
Revenue | 9,041,180 | 4,740,132 | 13,781,312 | 18,970 | 13,800,282 | ||||||||||||
Depreciation and amortization(2) | -311,198 | -179,431 | -490,629 | -112,267 | -602,896 | ||||||||||||
Operating Income (3) | 1,597,643 | 840,644 | 2,438,287 | -219,714 | 2,218,573 | ||||||||||||
Income (loss) from equity method investees(4) | 12,844 | 4,598 | 17,442 | - | 17,442 | ||||||||||||
Segment assets | 14,170,453 | 5,892,477 | 20,062,930 | 2,263,068 | 22,325,998 | ||||||||||||
thereof investments in equity method investees | 266,521 | 370,852 | 637,373 | - | 637,373 | ||||||||||||
Capital expenditures, acquisitions and investments (6) | 2,147,522 | 230,888 | 2,378,410 | 175,808 | 2,554,218 | ||||||||||||
(1) North America and International acquisitions exclude $35,656 and $172,018, respectively, of non-cash acquisitions and investments for 2014. | |||||||||||||||||
(2) At December 31, 2013 and 2012 depreciation in the amount of $3,560 and $4,909, respectively, relating to research and development has been reclassified between the North America Segment, the International Segment and Corporate to conform to the current year’s presentation. | |||||||||||||||||
(3) At December 31, 2013 and 2012 certain items, in the net aggregate amount of $37,970 and $13,670, respectively, relating to research and development, compensation expense and income from equity method investees have been reclassified between the North America Segment, the International Segment and Corporate to conform to the current year’s presentation as applicable. | |||||||||||||||||
(4) At December 31, 2013 and 2012 income (loss) from equity method investees in the amount of $5,136 and $6,885, respectively, has been reclassified between the North America Segment, the International Segment and Corporate to conform to the current year’s presentation. | |||||||||||||||||
(5) North America and International acquisitions exclude $48,231 and $18,686, respectively, of non-cash acquisitions and investments for 2013. | |||||||||||||||||
(6) North America and International acquisitions exclude $484,699 and $6,624, respectively, of non-cash acquisitions and investments for 2012. | |||||||||||||||||
For the geographic presentation, revenues are attributed to specific countries based on the end user's location for products and the country in which the service is provided. Information with respect to the Company's geographic operations is set forth in the table below: | |||||||||||||||||
Germany | North America | Rest of the World | Total | ||||||||||||||
2014 | |||||||||||||||||
Net revenue | $ | 456,937 | $ | 10,500,095 | $ | 4,874,581 | $ | 15,831,613 | |||||||||
Long-lived assets | 543,184 | 14,790,265 | 3,182,123 | 18,515,572 | |||||||||||||
2013 | |||||||||||||||||
Net revenue | $ | 437,459 | $ | 9,606,111 | $ | 4,566,157 | $ | 14,609,727 | |||||||||
Long-lived assets | 609,040 | 12,891,384 | 3,226,779 | 16,727,203 | |||||||||||||
2012 | |||||||||||||||||
Net revenue | $ | 409,195 | $ | 9,031,108 | $ | 4,359,979 | $ | 13,800,282 | |||||||||
Long-lived assets | 493,782 | 12,428,762 | 3,185,773 | 16,108,317 |
Supplementary_Cash_Flow_Inform
Supplementary Cash Flow Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||
Cash Flow Supplemental Disclosures [Text Block] | ||||||||||
23. Supplementary Cash Flow Information | ||||||||||
The following additional information is provided with respect to the consolidated statements of cash flows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Supplementary cash flow information: | ||||||||||
Cash paid for interest | $ | 379,978 | $ | 374,648 | $ | 349,415 | ||||
Cash paid for income taxes(1) | $ | 689,954 | $ | 542,625 | $ | 552,711 | ||||
Cash inflow for income taxes from stock option exercises(2) | $ | 8,529 | $ | 8,882 | $ | 21,008 | ||||
Supplemental disclosures of cash flow information: | ||||||||||
Details for acquisitions: | ||||||||||
Assets acquired | $ | -2,505,027 | $ | -417,669 | $ | -2,519,189 | ||||
Liabilities assumed | 450,808 | 31,335 | 241,342 | |||||||
Noncontrolling interest subject to put provisions | 95,015 | 15,460 | 123,210 | |||||||
Noncontrolling interest | 328,997 | 9,104 | 104,947 | |||||||
Pending payments for purchase considerations | 18,253 | 66,917 | 6,624 | |||||||
Cash paid | -1,611,954 | -294,853 | -2,043,066 | |||||||
Less cash acquired | 132,433 | 6,858 | 173,278 | |||||||
Net cash paid for acquisitions | -1,479,521 | -287,995 | -1,869,788 | |||||||
Cash paid for investments | -274,913 | -195,921 | -387 | |||||||
Cash paid for intangible assets | -24,624 | -11,809 | -8,733 | |||||||
Total cash paid for acquisitions and investments, net of cash acquired, and purchases of intangible assets | $ | -1,779,058 | $ | -495,725 | $ | -1,878,908 | ||||
(1) Net of tax refund. | ||||||||||
(2) Thereof the excess tax benefit allocated to additional paid-in capital for the twelve-month periods ending December 31, 2014, 2013 and 2012 was $4,056, $3,897 and $13,668, respectively. |
Supplemental_Condensed_Combini
Supplemental Condensed Combining Information | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Condensed Combining Information | 25. Supplemental Condensed Combining Information | For the year ended December 31, 2014 | For the year ended December 31, 2013 | For the year ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMC Finance III, a former wholly-owned subsidiary of the Company, issued 6⅞% Senior Notes due 2017 in July 2007. On June 20, 2011, Fresenius Medical Care US Finance, Inc. (“US Finance”) acquired substantially all of the assets of FMC Finance III and assumed its obligations, including the 6⅞% Senior Notes and the related indenture. The 6⅞% Senior Notes are fully and unconditionally guaranteed, jointly and severally on a senior basis, by the Company and by the Guarantor Subsidiaries. The 6⅞% Senior Notes and related guarantees were issued in an exchange offer registered under the Securities Act of 1933. The financial statements in this report present the financial condition of the Company, on a consolidated basis at December 31, 2014 and December 31, 2013 and its results of operations and cash flows for the periods ended December 31, 2014, 2013 and 2012. The following combining financial information for the Company is at December 31, 2014 and December 31, 2013 and for the periods ended December 31, 2014, 2013 and 2012, segregated between FMC US Finance as issuer, the Company, D-GmbH and FMCH as guarantors, and the Company's other businesses (the “Non-Guarantor Subsidiaries”). For purposes of the condensed combining information, the Company and the guarantors carry their investments under the equity method. Other (income) expense includes income (loss) related to investments in consolidated subsidiaries recorded under the equity method for purposes of the condensed combining information. In addition, other (income) expense includes income and losses from profit and loss transfer agreements as well as dividends received. | Issuer | Guarantors | Non-Guarantor Subsidiaries | Combining Adjustment | Combined Total | Issuer | Guarantors | Non-Guarantor Subsidiaries | Combining Adjustment | Combined Total | Issuer | Guarantors | Non-Guarantor Subsidiaries | Combining Adjustment | Combined Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2014 | FMC US Finance | FMC - AG & Co. KGaA | D-GmbH | FMCH | FMC US Finance | FMC - AG & Co. KGaA | D-GmbH | FMCH | FMC US Finance | FMC - AG & Co. KGaA | D-GmbH | FMCH | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuer | Guarantors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMC US Finance | FMC - AG & Co. KGaA | D-GmbH | FMCH | Non-Guarantor Subsidiaries | Combining Adjustment | Combined Total | Net Income | $ | 4,406 | $ | 1,045,266 | $ | 15,225 | $ | 562,107 | $ | 1,316,739 | $ | -1,683,935 | $ | 1,259,808 | Net Income | $ | 4,377 | $ | 1,109,890 | $ | -3,251 | $ | 739,402 | $ | 1,206,287 | $ | -1,801,082 | $ | 1,255,623 | Net Income | $ | 4,357 | $ | 1,186,809 | $ | 31,534 | $ | 863,247 | $ | 1,210,395 | $ | -1,969,365 | $ | 1,326,977 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) related to cash flow hedges | - | 46,374 | - | - | -20,827 | - | 25,547 | Gain (loss) related to cash flow hedges | - | 21,020 | - | - | 1,512 | - | 22,532 | Gain (loss) related to cash flow hedges | - | -4,465 | -9 | 11,725 | 16,768 | - | 24,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | - | $ | - | $ | 2,211,756 | $ | - | $ | 17,159,641 | $ | -3,539,784 | $ | 15,831,613 | Actuarial gain (loss) on defined benefit pension plans | - | -4,788 | -85,460 | -116,240 | -8,673 | - | -215,161 | Actuarial gain (loss) on defined benefit pension plans | - | -971 | -15,150 | 83,597 | -2,487 | - | 64,989 | Actuarial gain (loss) on defined benefit pension plans | - | -2,091 | -46,830 | -49,796 | -4,461 | - | -103,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | - | - | 1,395,295 | - | 12,929,889 | -3,489,417 | 10,835,767 | Gain (loss) related to foreign currency translation | - | 20,407 | -85,635 | - | -375,504 | 18,943 | -421,789 | Gain (loss) related to foreign currency translation | - | -158,328 | 32,934 | - | -12,896 | 23,851 | -114,439 | Gain (loss) related to foreign currency translation | - | -84,026 | 18,540 | - | 132,627 | -3,338 | 63,803 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | - | - | 816,461 | - | 4,229,752 | -50,367 | 4,995,846 | Income tax (expense) benefit related to components of other comprehensive income | - | -14,707 | -25,288 | -45,857 | 154,013 | - | 68,161 | Income tax (expense) benefit related to components of other comprehensive income | - | -6,317 | -4,418 | 32,979 | -55,844 | - | -33,600 | Income tax (expense) benefit related to components of other comprehensive income | - | 3,615 | 13,447 | 15,019 | -23,250 | - | 8,831 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (income) expenses: | Other comprehensive income (loss), net of tax | - | 47,286 | -196,383 | -162,097 | -250,991 | 18,943 | -543,242 | Other comprehensive income (loss), net of tax | - | -144,596 | 13,366 | 116,576 | -69,715 | 23,851 | -60,518 | Other comprehensive income (loss), net of tax | - | -86,967 | -14,852 | -23,052 | 121,684 | -3,338 | -6,525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative(1) | - | 234,170 | 198,789 | 147,203 | 2,046,499 | -7,462 | 2,619,199 | Total comprehensive income | $ | 4,406 | $ | 1,092,552 | $ | -181,158 | $ | 400,010 | $ | 1,065,748 | $ | -1,664,992 | $ | 716,566 | Total comprehensive income | $ | 4,377 | $ | 965,294 | $ | 10,115 | $ | 855,978 | $ | 1,136,572 | $ | -1,777,231 | $ | 1,195,105 | Total comprehensive income | $ | 4,357 | $ | 1,099,842 | $ | 16,682 | $ | 840,195 | $ | 1,332,079 | $ | -1,972,703 | $ | 1,320,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | - | - | 74,338 | - | 47,776 | - | 122,114 | Comprehensive income attributable to noncontrolling interests | - | - | - | - | - | 208,456 | 208,456 | Comprehensive income attributable to noncontrolling interests | - | - | - | - | - | 143,689 | 143,689 | Comprehensive income attributable to noncontrolling interests | - | - | - | - | - | 139,989 | 139,989 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -234,170 | 543,334 | -147,203 | 2,135,477 | -42,905 | 2,254,533 | Comprehensive income attributable to shareholders of FMC-AG & Co. KGaA | $ | 4,406 | $ | 1,092,552 | $ | -181,158 | $ | 400,010 | $ | 1,065,748 | $ | -1,873,448 | $ | 508,110 | Comprehensive income attributable to shareholders of FMC-AG & Co. KGaA | $ | 4,377 | $ | 965,294 | $ | 10,115 | $ | 855,978 | $ | 1,136,572 | $ | -1,920,920 | $ | 1,051,416 | Comprehensive income attributable to shareholders of FMC-AG & Co. KGaA | $ | 4,357 | $ | 1,099,842 | $ | 16,682 | $ | 840,195 | $ | 1,332,079 | $ | -2,112,692 | $ | 1,180,463 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest, net | -6,930 | 238,554 | -5,029 | 198,726 | -14,181 | -13 | 411,127 | For the year ended December 31, 2014 | For the year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | - | -1,555,399 | 382,870 | -771,567 | - | 1,944,096 | - | Issuer | Guarantors | Issuer | Guarantors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 6,930 | 1,082,675 | 165,493 | 425,638 | 2,149,658 | -1,986,988 | 1,843,406 | FMC US Finance | FMC - AG & Co. KGaA | D-GmbH | FMCH | Non-Guarantor Subsidiaries | Combining Adjustment | Combined Total | FMC US Finance | FMC - AG & Co. KGaA | D-GmbH | FMCH | Non-Guarantor Subsidiaries | Combining Adjustment | Combined Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 2,524 | 37,409 | 150,268 | -136,469 | 832,919 | -303,053 | 583,598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 4,406 | 1,045,266 | 15,225 | 562,107 | 1,316,739 | -1,683,935 | 1,259,808 | Operating Activities: | Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | 214,542 | - | 214,542 | Net income (loss) | $ | 4,406 | $ | 1,045,266 | $ | 15,225 | $ | 562,107 | $ | 1,316,739 | $ | -1,683,935 | $ | 1,259,808 | Net income (loss) | $ | 4,377 | $ | 1,109,890 | $ | -3,251 | $ | 739,402 | $ | 1,206,287 | $ | -1,801,082 | $ | 1,255,623 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to shareholders of FMC-AG & Co. KGaA | $ | 4,406 | $ | 1,045,266 | $ | 15,225 | $ | 562,107 | $ | 1,102,197 | $ | -1,683,935 | $ | 1,045,266 | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity affiliate income | - | 4,211,195 | - | -771,567 | - | -3,439,628 | - | Equity affiliate income | - | -924,138 | - | -816,954 | - | 1,741,092 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Selling, general and administrative is presented net of gain on sale of dialysis clinics and net of income from equity method investees. | Depreciation and amortization | - | 632 | 55,433 | - | 676,704 | -33,441 | 699,328 | Depreciation and amortization | - | 689 | 52,029 | - | 629,071 | -33,564 | 648,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 | Change in deferred taxes, net | - | -18,444 | -2,212 | - | 145,601 | -11,155 | 113,790 | Change in deferred taxes, net | - | -34,548 | 3,149 | - | 46,888 | 424 | 15,913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuer | Guarantors | Non-Guarantor Subsidiaries | Combining Adjustment | Combined Total | (Gain) loss on sale of fixed assets and investments | - | - | 131 | - | 2,523 | - | 2,654 | (Gain) loss on sale of fixed assets and investments | - | -43 | 437 | - | -33,378 | - | -32,984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMC US Finance | FMC - AG & Co. KGaA | D-GmbH | FMCH | (Gain) loss on investments | - | 13,862 | 986 | - | - | -14,848 | - | (Gain) loss on investments | - | - | -61 | - | - | 61 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | (Write Up) write-off loans from related parties | - | 67,629 | 7,371 | - | - | -75,000 | - | (Write Up) write-off loans from related parties | - | 91,593 | - | - | - | -91,593 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 117 | $ | 5,722 | $ | - | $ | 628,015 | $ | - | $ | 633,855 | Compensation expense related to stock options | - | 6,307 | - | - | 2,200 | - | 8,507 | Compensation expense related to stock options | - | 13,593 | - | - | - | - | 13,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable, less allowance for doubtful accounts | - | - | 165,090 | - | 3,037,010 | 1,555 | 3,203,655 | Investments in equity method investees, net | - | 42,087 | - | - | -18,964 | - | 23,123 | Cash inflow (outflow) from hedging | - | -4,073 | - | - | - | - | -4,073 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable from related parties | 1,266,916 | 5,558,131 | 840,302 | 2,570,654 | 3,544,817 | -13,587,595 | 193,225 | Changes in assets and liabilities, net of amounts from businesses acquired: | Investments in equity method investees, net | - | 22,945 | - | - | -20,610 | - | 2,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | - | - | 231,127 | - | 1,038,591 | -154,164 | 1,115,554 | Trade accounts receivable, net | - | - | -33,760 | - | -123,932 | 281 | -157,411 | Changes in assets and liabilities, net of amounts from businesses acquired: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | - | 76,846 | 43,387 | 183 | 1,182,301 | 30,350 | 1,333,067 | Inventories | - | - | 24,166 | - | -148,719 | 38,795 | -85,758 | Trade accounts receivable, net | - | - | 14,851 | - | -54,149 | -1,982 | -41,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred taxes | - | - | - | - | 290,064 | -44,710 | 245,354 | Prepaid expenses and other current and non-current assets | - | 20,961 | 10,742 | 149,106 | -198,834 | -6,154 | -24,179 | Inventories | - | - | -4,162 | - | -70,848 | 20,092 | -54,918 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 1,266,917 | 5,635,094 | 1,285,628 | 2,570,837 | 9,720,798 | -13,754,564 | 6,724,710 | Accounts receivable from / payable to related parties | -3 | -5,222,902 | 6,481 | -814,972 | 948,813 | 5,077,605 | -4,978 | Prepaid expenses and other current and non-current assets | - | 46,352 | -11,519 | -44,179 | 72,114 | 5,107 | 67,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other current and non-current liabilities | - | 29,906 | 47,061 | 1,754 | 42,577 | 126 | 121,424 | Accounts receivable from / payable to related parties | -8 | -334,000 | 644,752 | 128,185 | -559,991 | 106,351 | -14,711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | - | 566 | 260,662 | - | 3,147,750 | -118,798 | 3,290,180 | Income tax payable | -1,650 | -112,696 | - | -136,469 | 146,271 | 9,628 | -94,916 | Accounts payable, accrued expenses and other current and non-current liabilities | - | 11,469 | 21,203 | 6,246 | 181,426 | -5,080 | 215,264 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | - | 945 | 64,679 | - | 799,958 | 3,829 | 869,411 | Net cash provided by (used in) operating activities | 2,753 | 83,803 | 131,624 | -1,010,041 | 2,790,979 | -137,726 | 1,861,392 | Income tax payable | 174 | 7,917 | - | -50,528 | 7,661 | -1,281 | -36,057 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | - | - | 55,312 | - | 13,026,868 | - | 13,082,180 | Net cash provided by (used in) operating activities | 4,543 | 7,646 | 717,428 | -37,828 | 1,404,471 | -61,455 | 2,034,805 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred taxes | - | 81,555 | 38,291 | - | 129,927 | -108,721 | 141,052 | Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets and notes receivables (1) | - | 9,154,819 | 45,297 | 13,267,706 | 6,662,384 | -27,790,638 | 1,339,568 | Purchases of property, plant and equipment | - | -835 | -111,994 | - | -863,362 | 44,564 | -931,627 | Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,266,917 | $ | 14,872,979 | $ | 1,749,869 | $ | 15,838,543 | $ | 33,487,685 | $ | -41,768,892 | $ | 25,447,101 | Proceeds from sale of property, plant and equipment | - | - | 454 | - | 11,219 | - | 11,673 | Purchases of property, plant and equipment | - | -320 | -76,096 | - | -712,213 | 40,691 | -747,938 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disbursement of loans to related parties | - | -163,172 | - | 249,485 | - | -86,313 | - | Proceeds from sale of property, plant and equipment | - | 48 | 583 | - | 19,216 | - | 19,847 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Acquisitions and investments, net of cash acquired, and purchases of intangible assets | - | -273,204 | -15,168 | -1,800 | -1,773,964 | 285,078 | -1,779,058 | Disbursement of loans to related parties | - | 911,133 | - | 141,347 | - | -1,052,480 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | - | $ | 1,844 | $ | 34,798 | $ | - | $ | 536,542 | $ | - | $ | 573,184 | Proceeds from divestitures | - | - | - | - | 8,257 | - | 8,257 | Acquisitions and investments, net of cash acquired, and purchases of intangible assets | - | -103,308 | -24,503 | -1,000 | -492,683 | 125,769 | -495,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable to related parties | - | 1,452,812 | 587,677 | 1,662,032 | 10,232,251 | -13,794,041 | 140,731 | Net cash provided by (used in) investing activities | - | -437,211 | -126,708 | 247,685 | -2,617,850 | 243,329 | -2,690,755 | Proceeds from divestitures | - | - | - | - | 18,276 | - | 18,276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 29,771 | 61,367 | 141,392 | 9,240 | 1,982,051 | -26,576 | 2,197,245 | Net cash provided by (used in) investing activities | - | 807,553 | -100,016 | 140,347 | -1,167,404 | -886,020 | -1,205,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | - | 1 | - | - | 132,692 | - | 132,693 | Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings from related parties | - | - | - | - | 5,357 | - | 5,357 | Short-term borrowings, net | - | 1,803 | -2,982 | - | -28,172 | - | -29,351 | Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt and capital lease obligations | - | 55,391 | - | 200,000 | 58,216 | - | 313,607 | Long-term debt and capital lease obligations, net | -2,752 | 540,825 | - | 762,356 | -124,109 | 86,313 | 1,262,633 | Short-term borrowings, net | - | 20 | -613,593 | - | 597,859 | - | -15,714 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) of accounts receivable securitization program | - | - | - | - | -9,500 | - | -9,500 | Long-term debt and capital lease obligations, net | -4,544 | -140,374 | - | 1,596,569 | -2,680,352 | 1,052,480 | -176,221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax payable | - | 13,663 | - | - | 66,024 | - | 79,687 | Proceeds from exercise of stock options | - | 98,523 | - | - | 8,524 | - | 107,047 | Increase (decrease) of accounts receivable securitization program | - | - | - | - | 189,250 | - | 189,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred taxes | - | 1,573 | 7,992 | - | 47,555 | -22,333 | 34,787 | Dividends paid | - | -317,903 | - | - | -20,387 | 20,387 | -317,903 | Proceeds from exercise of stock options | - | 102,419 | - | - | 8,881 | - | 111,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 29,771 | 1,586,651 | 771,859 | 1,871,272 | 13,060,688 | -13,842,950 | 3,477,291 | Capital increase (decrease) | - | - | - | - | 218,371 | -218,371 | - | Proceeds from conversion of preference shares into ordinary shares | - | 34,784 | - | - | - | - | 34,784 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | - | - | - | - | -250,271 | - | -250,271 | Purchase of treasury stock | - | -505,014 | - | - | - | - | -505,014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term debt and capital lease obligations, less current portion | 1,162,534 | 855,029 | - | 2,335,992 | 7,783,062 | -3,056,340 | 9,080,277 | Contributions from noncontrolling interest | - | - | - | - | 42,356 | - | 42,356 | Dividends paid | - | -296,134 | - | -684,229 | 681,345 | 2,884 | -296,134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term borrowings from related parties | - | 2,891,256 | - | 2,833,854 | 72,505 | -5,797,615 | - | Net cash provided by (used in) financing activities | -2,752 | 323,248 | -2,982 | 762,356 | -163,188 | -111,671 | 805,011 | Capital increase (decrease) | - | - | - | -1,014,859 | 1,117,683 | -102,824 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | - | 70,823 | 1,615 | 170,149 | 147,015 | 22,374 | 411,976 | Distributions to noncontrolling interest | - | - | - | - | -216,758 | - | -216,758 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension liabilities | - | 14,872 | 324,156 | - | 296,531 | 6,759 | 642,318 | Effect of exchange rate changes on cash and cash equivalents | - | 30,264 | -702 | - | -54,132 | - | -24,570 | Contributions from noncontrolling interest | - | - | - | - | 66,467 | - | 66,467 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax payable | 637 | 11,035 | - | - | 48,370 | 117,559 | 177,601 | Cash and Cash Equivalents: | Net cash provided by (used in) financing activities | -4,544 | -804,299 | -613,593 | -102,519 | -235,625 | 952,540 | -808,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred taxes | - | - | - | - | 831,050 | -26,441 | 804,609 | Net increase (decrease) in cash and cash equivalents | 1 | 104 | 1,232 | - | -44,191 | -6,068 | -48,922 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,192,942 | 5,429,666 | 1,097,630 | 7,211,267 | 22,239,221 | -22,576,654 | 14,594,072 | Cash and cash equivalents at beginning of period | 0 | 13 | 4,490 | - | 672,206 | 6,068 | 682,777 | Effect of exchange rate changes on cash and cash equivalents | - | -10,965 | 170 | - | -15,693 | - | -26,488 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | 117 | $ | 5,722 | $ | - | $ | 628,015 | $ | - | $ | 633,855 | Cash and Cash Equivalents: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests subject to put provisions | - | - | 0 | - | 824,658 | - | 824,658 | Net increase (decrease) in cash and cash equivalents | -1 | -65 | 3,989 | - | -14,251 | 5,065 | -5,263 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Preferred Stock | - | - | - | 235,141 | -235,141 | - | - | Cash and cash equivalents at beginning of period | 1 | 78 | 501 | - | 686,457 | 1,003 | 688,040 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total FMC-AG & Co. KGaA shareholders' equity | 73,975 | 9,443,313 | 652,239 | 8,392,135 | 10,073,889 | -19,192,238 | 9,443,313 | Cash and cash equivalents at end of period | $ | 0 | $ | 13 | $ | 4,490 | $ | - | $ | 672,206 | $ | 6,068 | $ | 682,777 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests not subject to put provisions | - | - | - | - | 585,058 | - | 585,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 73,975 | 9,443,313 | 652,239 | 8,392,135 | 10,658,947 | -19,192,238 | 10,028,371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,266,917 | $ | 14,872,979 | $ | 1,749,869 | $ | 15,838,543 | $ | 33,487,685 | $ | -41,768,892 | $ | 25,447,101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Other assets and notes receivables are presented net of investment in equity method investees. |
Development_of_Allowance_for_D
Development of Allowance for Doubtful Accounts (text) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Consolidated Financial Statements [Abstract] | |||||||||
Development of Allowance for Doubtful Accounts Disclosure [Text Block] | |||||||||
Development of allowance for doubtful accounts | |||||||||
2014 | 2013 | 2012 | |||||||
Allowance for doubtful accounts as of January 1 | $ | 413,165 | $ | 328,893 | $ | 299,751 | |||
Change in valuation allowances as recorded in the consolidated statements of income | 325,451 | 336,090 | 303,508 | ||||||
Write-offs and recoveries of amounts previously written-off | -309,058 | -249,783 | -273,643 | ||||||
Foreign currency translation | -11,050 | -2,035 | -723 | ||||||
Allowance for doubtful accounts as of December 31 | $ | 418,508 | $ | 413,165 | $ | 328,893 |
The_Company_and_Basis_of_Prese1
The Company and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Significant Accounting Policies [Abstract] | |
Cash and Cash Equivalents | b) Cash and Cash Equivalents |
Cash and cash equivalents comprise cash funds and all short-term, liquid investments with original maturities of up to three months. | |
Inventories | Inventories |
Inventories are stated at the lower of cost (determined by using the average or first-in, first-out method) or market value (see Note 4). Costs included in inventories are based on invoiced costs and/or production costs or the marked to market valuation, as applicable. Included in production costs are material, direct labor and production overhead, including depreciation charges. | |
Property, Plant and Equipment | Property, Plant and Equipment |
Property, plant, and equipment are stated at cost less accumulated depreciation (see Note 6). Significant improvements are capitalized; repairs and maintenance costs that do not extend the useful lives of the assets are charged to expense as incurred. Property and equipment under capital leases are stated at the present value of future minimum lease payments at the inception of the lease, less accumulated depreciation. Depreciation on property, plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets ranging from 3 to 40 years for buildings and improvements with a weighted average life of 13 years and 3 to 18 years for machinery and equipment with a weighted average life of 10 years. Equipment held under capital leases and leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Internal use platform software that is integral to the computer equipment it supports is included in property, plant and equipment. The Company capitalizes interest on borrowed funds during construction periods. Interest capitalized during 2014, 2013, and 2012 was $4,571, $7,358 and $3,952, respectively. | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill |
Intangible assets such as non-compete agreements, technology, distribution rights, patents, licenses to treat, licenses to manufacture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive licenses, trade names, management contracts, application software, acute care agreements, customer relationships and lease agreements are recognized and reported apart from goodwill (see Note 7). | |
Goodwill and identifiable intangibles with indefinite useful lives are not amortized but tested for impairment annually or when an event becomes known that could trigger an impairment. The Company identified trade names and certain qualified management contracts as intangible assets with indefinite useful lives because, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over which those assets are expected to generate net cash inflows for the Company. Intangible assets with finite useful lives are amortized over their respective useful lives to their residual values. The Company amortizes non-compete agreements over their useful life which on average is 8 years. Technology is amortized over its useful life of 15 years. Licenses to manufacture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive licenses are amortized over their useful life which on average is 10 years. Customer relationships are amortized over their useful life of 12 years. All other intangible assets are amortized over their weighted average useful lives of 6 years. The weighted average useful life of all amortizable intangible assets is 9 years. Intangible assets with finite useful lives are evaluated for impairment when events have occurred that may give rise to an impairment. | |
To perform the annual impairment test of goodwill, the Company identified its reporting units and determined their carrying value by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. One reporting unit was identified in the North America Segment. The EMEALA operating segment is divided into two reporting units (Europe and Latin America), while only one reporting unit exists in the operating segment Asia-Pacific. For the purpose of goodwill impairment testing, all corporate assets are allocated to the reporting units. | |
In a first step, the Company compares the fair value of a reporting unit to its carrying amount. Fair value is determined using estimated future cash flows for the unit discounted by an after-tax weighted average cost of capital (“WACC”) specific to that reporting unit. Estimating the future cash flows involves significant assumptions, especially regarding future reimbursement rates and sales prices, number of treatments, sales volumes and costs. In determining discounted cash flows, the Company utilizes for every reporting unit, its three-year budget, projections for years 4 to 10 and a representative growth rate for all remaining years. Projections for up to ten years are possible due to the stability of the Company's business which, results from the non-discretionary nature of the health care services we provide, the need for products utilized to provide such services and the availability of government reimbursement for a substantial portion of our services. The reporting units' respective expected growth rates for the period beyond ten years are: North America Segment 1%, Europe 0%, Latin America 4%, and Asia-Pacific 4%. The discount factor is determined by the WACC of the respective reporting unit. The Company's WACC consisted of a basic rate of 6.01% for 2014. The basic rate is then adjusted by a country-specific risk rate and, if appropriate, by a factor to reflect higher risks associated with the cash flows from recent material acquisitions, until they are appropriately integrated, within each reporting unit. In 2014, WACCs for the reporting units ranged from 5.96% to 15.73%. | |
In the case that the fair value of the reporting unit is less than its carrying value, a second step would be performed which compares the implied fair value of the reporting unit's goodwill to the carrying value of its goodwill. If the fair value of the goodwill is less than the carrying value, the difference is recorded as an impairment. | |
To evaluate the recoverability of intangible assets with indefinite useful lives, the Company compares the fair values of intangible assets with their carrying values. An intangible asset's fair value is determined using a discounted cash flow approach or other methods, if appropriate. | |
Derivative Financial Instruments | Derivative Financial Instruments |
Derivative financial instruments, which primarily include foreign currency forward contracts and interest rate swaps, are recognized as assets or liabilities at fair value in the balance sheet (see Note 21). From time to time, the Company may enter into other types of derivative instruments which are dealt with on a transaction by transaction basis. Changes in the fair value of derivative financial instruments classified as fair value hedges and in the corresponding underlying assets and liabilities are recognized periodically in earnings, while the effective portion of changes in fair value of derivative financial instruments classified as cash flow hedges is recognized in accumulated other comprehensive income (loss) (“AOCI”) in shareholders' equity. The ineffective portion is recognized in current net earnings. The change in fair value of derivatives that do not qualify for hedge accounting are recorded in the income statement and usually offset the changes in value recorded in the income statement for the underlying asset or liability. | |
Foreign Currency Translation | Foreign Currency Translation |
For purposes of these consolidated financial statements, the U.S. dollar is the reporting currency. Substantially all assets and liabilities of the parent company and all non-U.S. subsidiaries are translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates. Adjustments for foreign currency translation fluctuations are excluded from net earnings and are reported in AOCI. In addition, the translation adjustments of certain intercompany borrowings, which are of a long-term nature, are reported in AOCI. | |
Revenue Recognition Policy | Revenue Recognition and Allowance for Doubtful Accounts |
Revenue Recognition | |
Health care revenues, other than the hospitalist revenues discussed below, are recognized on the date the patient receives treatment and includes amounts related to certain services, products and supplies utilized in providing such treatment. The patient is obligated to pay for health care services at amounts estimated to be receivable based upon the Company's standard rates or at rates determined under reimbursement arrangements. In the U.S., these arrangements are generally with third party payors, like Medicare, Medicaid or commercial insurers. Outside the U.S., the reimbursement is usually made through national or local government programs with reimbursement rates established by statute or regulation. | |
Dialysis product revenues are recognized upon transfer of title to the customer, either at the time of shipment, upon receipt or upon any other terms that clearly define passage of title. Product revenues are normally based upon pre-determined rates that are established by contractual arrangement. | |
For both health care revenues and dialysis product revenues, patients, third party payors and customers are billed at our standard rates net of contractual allowances, discounts or rebates to reflect the estimated amounts to be receivable from these payors. | |
Hospitalist revenues are reported at the estimated net realizable amount from third-party payors, client hospitals, and others at the time services are provided. Third-party payors include federal and state agencies (under the Medicare and Medicaid programs), managed care health plans, and commercial insurance companies. Inpatient acute care services rendered to Medicare and Medicaid program beneficiaries are paid according to a fee-for-service schedule. These rates vary according to a patient classification system that is based on clinical, diagnostic and other factors. Inpatient acute services generated through payment arrangements with managed care health plans and commercial insurance companies are recorded on an accrual basis in the period in which services are provided at established rates. Contractual adjustments and bad debts are recorded as deductions from gross revenue to determine net revenue. In addition to the net patient service revenue described below, the company receives subsidies from hospitals to provide hospitalist services. | |
As of January 1, 2012, the Company adopted ASU 2011-07, Health Care Entities-Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts and as a result, for services performed for patients where the collection of the billed amount or a portion of the billed amount cannot be determined at the time services are performed, the difference between the receivable recorded and the amount estimated to be collectible must be recorded as a provision and the expense is presented as a reduction of health care revenue. The provision includes such items as amounts due from patients without adequate insurance coverage and patient co-payment and deductible amounts due from patients with health care coverage. The Company bases the provision mainly on past collection history and reports it as “Patient service bad debt provision” on the Consolidated Statements of Income. | |
A minor portion of International Segment product revenues is generated from arrangements which give the customer, typically a healthcare provider, the right to use dialysis machines. In the same contract the customer agrees to purchase the related treatment disposables at a price marked up from the standard price list. If the right to use the machine is conveyed through an operating lease, FMC-AG & Co. KGaA does not recognize revenue upon delivery of the dialysis machine but recognizes revenue on the sale of disposables. If the lease of the machines is a sales type lease, ownership of the dialysis machine is transferred to the user upon installation of the dialysis machine at the customer site. In this type of contract, revenue is recognized in accordance with the accounting principles for sales type leases. | |
Any tax assessed by a governmental authority that is incurred as a result of a revenue transaction (e.g. sales tax) is excluded from revenues and the related revenue is reported on a net basis. | |
Allowance for doubtful accounts | |
In the North America Segment for receivables generated from health care services, the accounting for the allowance for doubtful accounts is based on an analysis of collection experience and recognizing the differences between payors. The Company also performs an aging of accounts receivable which enables the review of each customer and their payment pattern. From time to time, accounts receivable are reviewed for changes from the historic collection experience to ensure the appropriateness of the allowances. | |
The allowance for doubtful accounts in the International Segment and the North America Segment dialysis products business is an estimate comprised of customer specific evaluations regarding their payment history, current financial stability, and applicable country specific risks for receivables that are overdue more than one year. The changes in the allowance for these receivables are recorded in Selling, general and administrative as an expense. | |
When all efforts to collect a receivable, including the use of outside sources where required and allowed, have been exhausted, and after appropriate management review, a receivable deemed to be uncollectible is considered a bad debt and written off. | |
Research and Development expenses | Research and Development expenses |
Research and development expenses are expensed as incurred. | |
Income Taxes | Income Taxes |
Current taxes are calculated based on the profit (loss) of the fiscal year and in accordance with local tax rules of the respective tax jurisdictions. Expected and executed additional tax payments and tax refunds for prior years are also taken into account. Benefits from income tax positions have been recognized only when it was more likely than not that the Company would be entitled to the economic benefits of the tax positions. The more-likely-than-not threshold has been determined based on the technical merits that the position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, management estimates the largest amount of tax benefit that is more than fifty percent likely to be realized upon settlement with a taxing authority, which becomes the amount of benefit recognized. If a tax position is not considered more likely than not to be sustained based solely on its technical merits, no benefits are recognized. | |
The Company recognizes deferred tax assets and liabilities for future consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, tax credits and tax loss carryforwards which are more likely than not to be utilized. Deferred tax assets and liabilities are measured using the respective countries enacted tax rates to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, the recognition of deferred tax assets considers the budget planning of the Company and implemented tax strategies. A valuation allowance is recorded to reduce the carrying amount of the deferred tax assets unless it is more likely than not that such assets will be realized (see Note 18). | |
It is the Company's policy that assets on uncertain tax positions are recognized to the extent it is more likely than not the tax will be recovered. It is also the Company's policy to recognize interest and penalties related to its tax positions as income tax expense. | |
Impairment | Impairment |
The Company reviews the carrying value of its long-lived assets or asset groups with definite useful lives to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying value of an asset to the future net cash flows directly associated with the asset. If assets are considered to be impaired, the impairment recognized is the amount by which the carrying value exceeds the fair value of the asset. The Company uses a discounted cash flow approach or other methods, if appropriate, to assess fair value. | |
Long-lived assets to be disposed of by sale are reported at the lower of carrying value or fair value less cost to sell and depreciation is ceased. Long-lived assets to be disposed of other than by sale are considered to be held and used until disposal. | |
For the Company's policy related to goodwill impairment, see 1e) above. | |
Legal Contingencies | Legal Contingencies |
From time to time, during the ordinary course of the Company's operations, the Company is party to litigation and arbitration and is subject to investigations relating to various aspects of its business (see Note 20). The Company regularly analyzes current information about such claims for probable losses and provides accruals for such matters, including the estimated legal expenses and consulting services in connection with these matters, as appropriate. The Company utilizes its internal legal department as well as external resources for these assessments. In making the decision regarding the need for loss accrual, the Company considers the degree of probability of an unfavorable outcome and its ability to make a reasonable estimate of the amount of loss. | |
The filing of a suit or formal assertion of a claim or assessment, or the disclosure of any such suit or assertion, does not necessarily indicate that accrual of a loss is appropriate. | |
Earnings per Ordinary share and Preference share | Earnings per Share |
Basic earnings per share is calculated by dividing net income attributable to shareholders by the weighted average number of shares outstanding during the year. Prior to the conversion of preference shares to ordinary shares during the second quarter of 2013, basic earnings per share was computed according to the two-class method by dividing net income attributable to shareholders, less preference amounts, by the weighted number of ordinary and preference shares outstanding during the year. Diluted earnings per share include the effect of all potentially dilutive instruments on ordinary shares and previously outstanding preference shares that would have been outstanding during the years presented had the dilutive instruments been issued. | |
Equity-settled awards granted under the Company's stock incentive plans (see Note 17), are potentially dilutive equity instruments. | |
Employee Benefit Plans | Employee Benefit Plans |
For the Company's funded benefit plans, the defined benefit obligation is offset against the fair value of plan assets (funded status). A pension liability is recognized in the Consolidated Balance Sheets if the defined benefit obligation exceeds the fair value of plan assets. A pension asset is recognized (and reported under “Other assets and notes receivables” in the Consolidated Balance Sheets) if the fair value of plan assets exceeds the defined benefit obligation and if the Company has a right of reimbursement against the fund or a right to reduce future payments to the fund. Changes in the funded status of a plan resulting from actuarial gains or losses and prior service costs or credits that are not recognized as components of the net periodic benefit cost are recognized through accumulated other comprehensive income, net of tax, in the year in which they occur. Actuarial gains or losses and prior service costs are subsequently recognized as components of net periodic benefit cost when realized. The Company uses December 31 as the measurement date when measuring the funded status of all plans. | |
Recovered_Sheet1
The Company and Basis Of Presentation (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Company Basis of Presentation Healthcare Reform and Significant Accounting Policies (Tables) [Abstract] | ||||||
Schedule Of Variable Interest Entities Text Block | 2014 | 2013 | ||||
Trade accounts receivable, net | $ | 195,369 | $ | 102,549 | ||
Other current assets | 232,487 | 59,695 | ||||
Property, plant and equipment, intangible assets & other non-current assets | 59,351 | 26,274 | ||||
Goodwill | 37,934 | 32,759 | ||||
Accounts payable, accrued expenses and other liabilities | 485,006 | 133,977 | ||||
Non-current loans from related parties | 28,985 | 12,998 | ||||
Equity | 11,150 | 74,302 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventories (Tables) [Abstract] | |||||||
Inventory Disclosure Tables [Text Block] | 2014 | 2013 | |||||
Finished goods | $ | 677,110 | $ | 640,355 | |||
Raw materials and purchased components | 197,920 | 185,146 | |||||
Health care supplies | 170,614 | 195,519 | |||||
Work in process | 69,910 | 76,084 | |||||
Inventories | $ | 1,115,554 | $ | 1,097,104 |
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Prepaid Expenses And Other Current Assets (Tables ) [Abstract] | ||||||
Schedule of Other Assets [Table Text Block] | 2014 | 2013 | ||||
Taxes Receivable | $ | 318,480 | $ | 133,673 | ||
Available for sale financial assets(1) | 168,062 | 29,185 | ||||
Cost Report Receivable from Medicare and Medicaid | 137,543 | 130,236 | ||||
Receivables for supplier rebates | 85,548 | 105,994 | ||||
Other deferred charges | 58,315 | 62,555 | ||||
Leases receivable | 55,503 | 48,538 | ||||
Prepaid rent | 53,015 | 49,409 | ||||
Amounts due from managed locations | 34,054 | 22,676 | ||||
Payments on account | 30,680 | 33,934 | ||||
Derivatives | 28,241 | 16,664 | ||||
Prepaid insurance | 21,290 | 11,854 | ||||
Deposit / Guarantee / Security | 19,447 | 19,212 | ||||
Receivable for sale of investment to third party | 9,335 | 21,846 | ||||
Other | 313,554 | 351,615 | ||||
Total prepaid expenses and other current assets | $ | 1,333,067 | $ | 1,037,391 | ||
(1) The impact on the Consolidated Statements of Income and the Consolidated Statements of Shareholders' Equity is not material. |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Intangible Assets And Goodwill (Tables) [Abstract] | ||||||||||||||||
Schedule Of Finite Lived Intangible Assets Table Text Block | 2014 | 2013 | ||||||||||||||
Gross | Gross | |||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Amortizable Intangible Assets | ||||||||||||||||
Non-compete agreements | $ | 338,443 | $ | -257,234 | $ | 325,335 | $ | -240,412 | ||||||||
Technology | 113,346 | -51,225 | 106,510 | -44,584 | ||||||||||||
Licenses and distribution agreements | 194,810 | -111,754 | 223,701 | -112,697 | ||||||||||||
Customer Relationships | 239,694 | -12,059 | 98,000 | -650 | ||||||||||||
Self-developed software | 122,944 | -59,955 | 105,087 | -46,097 | ||||||||||||
Other | 355,750 | -252,619 | 350,475 | -264,031 | ||||||||||||
Construction in progress | 32,653 | - | 39,570 | - | ||||||||||||
$ | 1,397,640 | $ | -744,846 | $ | 1,248,678 | $ | -708,471 | |||||||||
Estimated Amortization Expense | ||||||||||||||||
2015 | $ | 96,634 | ||||||||||||||
2016 | $ | 92,633 | ||||||||||||||
2017 | $ | 87,653 | ||||||||||||||
2018 | $ | 84,809 | ||||||||||||||
2019 | $ | 81,943 | ||||||||||||||
Schedule Of Indefinite Lived Intangible Assets Table Text Block | 2014 | 2013 | ||||||||||||||
Carrying | Carrying | |||||||||||||||
Amount | Amount | |||||||||||||||
Non-amortizable Intangible Assets | ||||||||||||||||
Tradename | $ | 209,513 | $ | 210,630 | ||||||||||||
Management contracts | 7,104 | 7,039 | ||||||||||||||
$ | 216,617 | $ | 217,669 | |||||||||||||
Total Intangible Assets | $ | 869,411 | $ | 757,876 | ||||||||||||
Finite Lived Intangible Assets Future Amortization Expense [Text Block] | Amortization Expense | |||||||||||||||
2012 | $ | 87,441 | ||||||||||||||
2013 | $ | 93,100 | ||||||||||||||
2014 | $ | 98,483 | ||||||||||||||
Schedule Of Goodwill Text Block | North | Segment | ||||||||||||||
America | International | Total | Corporate | Total | ||||||||||||
Balance as of December 31, 2012 | $ | 9,487,013 | $ | 1,521,359 | $ | 11,008,372 | $ | 413,517 | $ | 11,421,889 | ||||||
Goodwill acquired, net of divestitures | 158,582 | 99,634 | 258,216 | - | 258,216 | |||||||||||
Reclassifications | - | -3,807 | -3,807 | 4,226 | 419 | |||||||||||
Foreign Currency Translation Adjustment | 52 | -23,029 | -22,977 | 640 | -22,337 | |||||||||||
Balance as of December 31, 2013 | $ | 9,645,647 | $ | 1,594,157 | $ | 11,239,804 | $ | 418,383 | $ | 11,658,187 | ||||||
Goodwill acquired, net of divestitures | 1,535,840 | 174,967 | 1,710,807 | - | 1,710,807 | |||||||||||
Reclassifications | - | - | - | - | - | |||||||||||
Foreign Currency Translation Adjustment | -533 | -284,068 | -284,601 | -2,213 | -286,814 | |||||||||||
Balance as of December 31, 2014 | $ | 11,180,954 | $ | 1,485,056 | $ | 12,666,010 | $ | 416,170 | $ | 13,082,180 |
Shortterm_Borrowings_Other_Fin
Short-term Borrowings, Other Finanacial Liabilties and Short-term Borrowings from Related Parties (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Short Term Debt (Tables) [Abstract] | |||||||
Schedule of Short-term debt | 2014 | 2013 | |||||
Borrowings under lines of credit | $ | 132,495 | $ | 95,690 | |||
Other financial liabilities | 198 | 958 | |||||
Short-term borrowings and other financial liabilities | 132,693 | 96,648 | |||||
Short-term borrowings from related parties (see Note 3.b, excluding interest) | 5,357 | 62,342 | |||||
Short-term borrowings, other financial liabilities and short-term borrowings from related parties | $ | 138,050 | $ | 158,990 |
Longterm_Debt_and_Capital_Leas1
Long-term Debt and Capital Lease Obligations (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Long Term Debt and Capital Lease Obligations (Tables) [Abstract] | ||||||||||||||
Schedule of senior notes | Issuer/Transaction | Face Amount | Maturity | Coupon | Book value 2014 | Book value 2013 | ||||||||
FMC Finance VI S.A. 2010 | € | 250,000 | 15-Jul-16 | 5.50% | $ | 302,537 | $ | 342,944 | ||||||
FMC Finance VIII S.A. 2011(1) | € | 100,000 | 15-Oct-16 | 3.58% | $ | 121,410 | $ | 137,910 | ||||||
FMC US Finance, Inc. 2007 | $ | 500,000 | 15-Jul-17 | 6.88% | $ | 497,781 | $ | 496,894 | ||||||
FMC Finance VIII S.A. 2011 | € | 400,000 | 15-Sep-18 | 6.50% | $ | 482,097 | $ | 546,531 | ||||||
FMC US Finance II, Inc. 2011 | $ | 400,000 | 15-Sep-18 | 6.50% | $ | 397,084 | $ | 396,297 | ||||||
FMC US Finance II, Inc. 2012 | $ | 800,000 | 31-Jul-19 | 5.63% | $ | 800,000 | $ | 800,000 | ||||||
FMC Finance VIII S.A. 2012 | € | 250,000 | 31-Jul-19 | 5.25% | $ | 303,525 | $ | 344,775 | ||||||
FMC US Finance II, Inc. 2014 | $ | 500,000 | 15-Oct-20 | 4.13% | $ | 500,000 | $ | - | ||||||
FMC US Finance, Inc. 2011 | $ | 650,000 | 15-Feb-21 | 5.75% | $ | 646,283 | $ | 645,672 | ||||||
FMC Finance VII S.A. 2011 | € | 300,000 | 15-Feb-21 | 5.25% | $ | 364,230 | $ | 413,730 | ||||||
FMC US Finance II, Inc. 2012 | $ | 700,000 | 31-Jan-22 | 5.88% | $ | 700,000 | $ | 700,000 | ||||||
FMC US Finance II, Inc. 2014 | $ | 400,000 | 15-Oct-24 | 4.75% | $ | 400,000 | $ | - | ||||||
$ | 5,514,947 | $ | 4,824,753 | |||||||||||
(1) This note carries a variable interest rate which was 3.58% at December 31, 2014. | ||||||||||||||
Accounts Receiable Facility | Maximum Amount Available | (1) | Balance Outstanding | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
A/R Facility | $ | 800,000 | $ | 800,000 | $ | 341,750 | $ | 351,250 | ||||||
(1) Subject to availability of sufficient accounts receivable meeting funding criteria. | ||||||||||||||
Noncontrolling_Interests_Subje1
Noncontrolling Interests Subject To Put Provisions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Noncontrolling Interests Subject To Put Provisions (Tables) [Abstract] | ||||||||||
Noncontrolling Interests Subject to Put Provisions | 2014 | 2013 | 2012 | |||||||
Beginning balance as of January 1, | $ | 648,251 | $ | 523,260 | $ | 410,491 | ||||
Contributions to noncontrolling interests | -142,696 | -122,179 | -114,536 | |||||||
Purchase/ sale of noncontrolling interests | 83,252 | 6,723 | 134,643 | |||||||
Contributions from noncontrolling interests | 16,064 | 17,767 | 16,565 | |||||||
Changes in fair value of noncontrolling interests | 89,767 | 108,575 | -18,880 | |||||||
Net income | 133,593 | 113,156 | 94,718 | |||||||
Other comprehensive income (loss) | -3,573 | 949 | 259 | |||||||
Ending balance as of December 31, | $ | 824,658 | $ | 648,251 | $ | 523,260 | ||||
2014 | 2013 | 2012 | ||||||||
Beginning balance as of January 1, | $ | 648,251 | $ | 523,260 | $ | 410,491 | ||||
Contributions to noncontrolling interests | -142,696 | -122,179 | -114,536 | |||||||
Purchase/ sale of noncontrolling interests | 83,252 | 6,723 | 134,643 | |||||||
Contributions from noncontrolling interests | 16,064 | 17,767 | 16,565 | |||||||
Changes in fair value of noncontrolling interests | 89,767 | 108,575 | -18,880 | |||||||
Net income | 133,593 | 113,156 | 94,718 | |||||||
Other comprehensive income (loss) | -3,573 | 949 | 259 | |||||||
Ending balance as of December 31, | $ | 824,658 | $ | 648,251 | $ | 523,260 |
Sources_Of_Revenue_Tables
Sources Of Revenue (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Patient Service Revenues by Payor | |||||||||
Patient Service Revenue | 2014 | 2013 | 2012 | ||||||
Medicare program | $ | 4,677,053 | $ | 4,411,285 | $ | 4,029,773 | |||
Private/alternative payors | 4,278,847 | 3,841,473 | 3,605,081 | ||||||
Medicaid and other government sources | 433,092 | 392,908 | 474,520 | ||||||
Hospitals | 568,859 | 411,340 | 400,791 | ||||||
Total patient service revenue | $ | 9,957,851 | $ | 9,057,006 | $ | 8,510,165 |
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stock Options (Tables) [Abstract] | |||||||||
Schedule of share-based compensation arrangements by share-based payment award | Weighted | Weighted | |||||||
average | average | ||||||||
Options | exercise | exercise | |||||||
(in thousands) | price | price | |||||||
Stock options for ordinary shares | € | $ | |||||||
Balance at December 31, 2013 | 10,791 | 45.83 | 55.64 | ||||||
Granted | 1,677 | 50.35 | 61.14 | ||||||
Exercised | 2,109 | 35.17 | 42.7 | ||||||
Forfeited | 1,170 | 51.81 | 62.9 | ||||||
Balance at December 31, 2014 | 9,189 | 48.34 | 58.69 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes (Tables) [Abstract] | |||||||||
Summary of operating loss carryforwards | 2015 | $ | 12,083 | ||||||
2016 | 16,516 | ||||||||
2017 | 23,223 | ||||||||
2018 | 24,469 | ||||||||
2019 | 40,685 | ||||||||
2020 | 10,150 | ||||||||
2021 | 7,216 | ||||||||
2022 | 11,811 | ||||||||
2023 | 9,434 | ||||||||
2024 and thereafter | 33,367 | ||||||||
Without expiration date | 101,003 | ||||||||
Total | $ | 289,957 | |||||||
Summary of income tax contingencies | Unrecognized tax benefits (net of interest) | 2014 | 2013 | 2012 | |||||
Balance at January 1, | $ | 199,924 | $ | 225,198 | $ | 223,829 | |||
Increases in unrecognized tax benefits prior periods | 35,584 | 25,260 | 13,232 | ||||||
Decreases in unrecognized tax benefits prior periods | -21,143 | -11,445 | -5,913 | ||||||
Increases in unrecognized tax benefits current period | 12,600 | 10,062 | 17,903 | ||||||
Changes related to settlements with tax authorities | -60,872 | -52,325 | -14,763 | ||||||
Foreign currency translation | 15 | 3,174 | -9,090 | ||||||
Balance at December 31, | $ | 166,108 | $ | 199,924 | $ | 225,198 |
Financial_Instrument_Tables
Financial Instrument (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Financial Instruments (Tables) [Abstract] | |||||||||||||||||||||||
Non-Derivative Financial Instruments | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||||
Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 633,855 | $ | 633,855 | $ | 682,777 | $ | 682,777 | ||||||||||||||
Accounts receivable(1)(2) | 2 | 3,431,672 | 3,431,672 | 3,220,518 | 3,220,518 | ||||||||||||||||||
Available for sale financial assets | 1 | 171,917 | 171,917 | 38,949 | 38,949 | ||||||||||||||||||
Notes Receivables | 3 | 180,250 | 180,308 | 165,807 | 175,768 | ||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Accounts payable(1) | 2 | $ | 713,915 | $ | 713,915 | $ | 666,526 | $ | 666,526 | ||||||||||||||
Short-term borrowings(1) | 2 | 138,050 | 138,050 | 158,990 | 158,990 | ||||||||||||||||||
Long term debt, excluding Amended 2012 Credit Agreement, Senior Notes, Convertible Bonds and Euro Notes | 2 | 527,062 | 527,062 | 679,847 | 679,847 | ||||||||||||||||||
Amended 2012 Credit Agreement | 2 | 2,900,222 | 2,900,222 | 2,707,145 | 2,710,270 | ||||||||||||||||||
Senior Notes | 2 | 5,514,947 | 5,992,859 | 4,824,753 | 5,348,679 | ||||||||||||||||||
Convertible Bonds | 2 | 451,653 | 531,193 | - | - | ||||||||||||||||||
Euro Notes | 2 | - | - | 46,545 | 47,423 | ||||||||||||||||||
Noncontrolling interests subject to put provisions | 3 | 824,658 | 824,658 | 648,251 | 648,251 | ||||||||||||||||||
(1) Also includes amounts from related parties. | |||||||||||||||||||||||
(2) Includes long-term accounts receivable, which are included in "Other assets and notes receivables" in the Consolidated Balance Sheets. | |||||||||||||||||||||||
Effect of Derivatives on the Consolidated Financial Statements | The Effect of Derivatives on the Consolidated Financial Statements | ||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives | Location of (Gain) or Loss Reclassified from AOCI in Income | Amount of (Gain) or Loss Reclassified from AOCI in Income | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||
(Effective Portion) for the year ended December 31, | (Effective Portion) for the year ended December 31, | ||||||||||||||||||||||
2014 | 2013 | (Effective Portion) | 2014 | 2013 | |||||||||||||||||||
Interest rate contracts | $ | 19,550 | $ | -6,601 | Interest income/expense | $ | 26,571 | $ | 28,111 | ||||||||||||||
Foreign exchange contracts | -23,123 | 3,684 | Costs of Revenue | 2,549 | -3,251 | ||||||||||||||||||
Foreign exchange contracts | Interest income/expense | - | 589 | ||||||||||||||||||||
$ | -3,573 | $ | -2,917 | $ | 29,120 | $ | 25,449 | ||||||||||||||||
Derivatives not Designated as Hedging Instruments | Amount of (Gain) or Loss Recognized in Income on Derivatives for the year ended December 31, | ||||||||||||||||||||||
Location of (Gain) or Loss Recognized in Income on Derivatives | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Foreign exchange contracts | Selling, general and administrative expense | ||||||||||||||||||||||
$ | -83,901 | $ | -15,190 | ||||||||||||||||||||
Foreign exchange contracts | Interest income/expense | 6,483 | 7,161 | ||||||||||||||||||||
$ | -77,418 | $ | -8,029 |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Other Comprehensive Income (Tables) [Abstract] | ||||||||||||||||
Schedule of components of comrehensive income | ||||||||||||||||
Pretax | Tax effect | Net, before non-controlling interests | Non-controlling interests | Other comprehensive income (loss), net of tax | ||||||||||||
Year ended December 31, 2012 | ||||||||||||||||
Other comprehensive income (loss) relating to cash flow hedges: | ||||||||||||||||
Changes in fair value of cash flow hedges during the period | $ | 5,072 | $ | -21,171 | $ | -16,099 | $ | - | $ | -16,099 | ||||||
Reclassification adjustments | 18,947 | -4,968 | 13,979 | - | 13,979 | |||||||||||
Total other comprehensive income (loss) relating to cash flow hedges | 24,019 | -26,139 | -2,120 | - | -2,120 | |||||||||||
Foreign-currency translation adjustment | 63,982 | - | 63,982 | -179 | 63,803 | |||||||||||
Defined benefit pension plans: | ||||||||||||||||
Actuarial (loss) gain on defined benefit pension plans | -121,512 | 42,159 | -79,353 | - | -79,353 | |||||||||||
Reclassification adjustments | 18,334 | -7,189 | 11,145 | - | 11,145 | |||||||||||
Total other comprehensive income (loss) relating to defined benefit pension plans | -103,178 | 34,970 | -68,208 | - | -68,208 | |||||||||||
Other comprehensive income (loss) | $ | -15,177 | $ | 8,831 | $ | -6,346 | $ | -179 | $ | -6,525 | ||||||
Year ended December 31, 2013 | ||||||||||||||||
Other comprehensive income (loss) relating to cash flow hedges: | ||||||||||||||||
Changes in fair value of cash flow hedges during the period | $ | -2,917 | $ | 1,346 | $ | -1,571 | $ | - | $ | -1,571 | ||||||
Reclassification adjustments | 25,449 | -7,393 | 18,056 | - | 18,056 | |||||||||||
Total other comprehensive income (loss) relating to cash flow hedges | 22,532 | -6,047 | 16,485 | - | 16,485 | |||||||||||
Foreign-currency translation adjustment | -112,395 | - | -112,395 | -2,044 | -114,439 | |||||||||||
Defined benefit pension plans: | ||||||||||||||||
Actuarial (loss) gain on defined benefit pension plans | 39,571 | -17,828 | 21,743 | - | 21,743 | |||||||||||
Reclassification adjustments | 25,418 | -9,725 | 15,693 | - | 15,693 | |||||||||||
Total other comprehensive income (loss) relating to defined benefit pension plans | 64,989 | -27,553 | 37,436 | - | 37,436 | |||||||||||
Other comprehensive income (loss) | $ | -24,874 | $ | -33,600 | $ | -58,474 | $ | -2,044 | $ | -60,518 | ||||||
Year ended December 31, 2014 | ||||||||||||||||
Other comprehensive income (loss) relating to cash flow hedges: | ||||||||||||||||
Changes in fair value of cash flow hedges during the period | $ | -3,573 | $ | 1,417 | $ | -2,156 | $ | - | $ | -2,156 | ||||||
Reclassification adjustments | 29,120 | -8,385 | 20,735 | - | 20,735 | |||||||||||
Total other comprehensive income (loss) relating to cash flow hedges | 25,547 | -6,968 | 18,579 | - | 18,579 | |||||||||||
Foreign-currency translation adjustment | -415,703 | - | -415,703 | -6,086 | -421,789 | |||||||||||
Defined benefit pension plans: | ||||||||||||||||
Actuarial (loss) gain on defined benefit pension plans | -232,308 | 81,476 | -150,832 | - | -150,832 | |||||||||||
Reclassification adjustments | 17,147 | -6,347 | 10,800 | - | 10,800 | |||||||||||
Total other comprehensive income (loss) relating to defined benefit pension plans | -215,161 | 75,129 | -140,032 | - | -140,032 | |||||||||||
Other comprehensive income (loss) | $ | -605,317 | $ | 68,161 | $ | -537,156 | $ | -6,086 | $ | -543,242 |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables 1) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | ||||||||||||||||||||
Changes in Accumulated Other comprehensive income (loss) | Gain (Loss) related to cash flow hedges | Actuarial gain (loss) on defined benefit pension plans | Gain (Loss) related to foreign-currency translation | Total, before non-controlling interests | Non-controlling interests | Total | ||||||||||||||
Balance at December 31, 2011 | $ | -136,221 | $ | -111,215 | $ | -238,331 | $ | -485,767 | $ | 3,048 | $ | -482,719 | ||||||||
Other comprehensive income before reclassifications | -16,099 | -79,353 | 63,982 | -31,470 | -179 | -31,649 | ||||||||||||||
Amounts reclassified from AOCI | 13,979 | 11,145 | - | 25,124 | - | 25,124 | ||||||||||||||
Net current-period other comprehensive income | -2,120 | -68,208 | 63,982 | -6,346 | -179 | -6,525 | ||||||||||||||
Balance at December 31, 2012 | $ | -138,341 | $ | -179,423 | $ | -174,349 | $ | -492,113 | $ | 2,869 | $ | -489,244 | ||||||||
Other comprehensive income before reclassifications | -1,571 | 21,743 | -112,395 | -92,223 | -2,044 | -94,267 | ||||||||||||||
Amounts reclassified from AOCI | 18,056 | 15,693 | - | 33,749 | - | 33,749 | ||||||||||||||
Net current-period other comprehensive income | 16,485 | 37,436 | -112,395 | -58,474 | -2,044 | -60,518 | ||||||||||||||
Balance at December 31, 2013 | $ | -121,856 | $ | -141,987 | $ | -286,744 | $ | -550,587 | $ | 825 | $ | -549,762 | ||||||||
Other comprehensive income before reclassifications | -2,156 | -150,832 | -415,703 | -568,691 | -6,086 | -574,777 | ||||||||||||||
Amounts reclassified from AOCI | 20,735 | 10,800 | - | 31,535 | - | 31,535 | ||||||||||||||
Net current-period other comprehensive income | 18,579 | -140,032 | -415,703 | -537,156 | -6,086 | -543,242 | ||||||||||||||
Balance at December 31, 2014 | $ | -103,277 | $ | -282,019 | $ | -702,447 | $ | -1,087,743 | $ | -5,261 | $ | -1,093,004 | ||||||||
Reclassifications out of Accumulated Other comprehensive income | Details about AOCI Components | Amount of (Gain) Loss reclassified from AOCI in Income | Location of (Gain) Loss reclassified from AOCI in Income | |||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(Gain) Loss related to cash flow hedges | ||||||||||||||||||||
Interest rate contracts | $ | 26,571 | $ | 28,111 | $ | 23,779 | Interest income/expense | |||||||||||||
Foreign exchange contracts | 2,549 | -3,251 | -5,414 | Costs of Revenue | ||||||||||||||||
Foreign exchange contracts | - | 589 | 582 | Interest income/expense | ||||||||||||||||
29,120 | 25,449 | 18,947 | Total before tax | |||||||||||||||||
-8,385 | -7,393 | -4,968 | Tax expense or benefit | |||||||||||||||||
$ | 20,735 | $ | 18,056 | $ | 13,979 | Net of tax | ||||||||||||||
Actuarial (Gain) Loss on defined benefit pension plans | ||||||||||||||||||||
Actuarial (gain) loss | $ | 17,147 | $ | 25,418 | $ | 18,334 | -1 | |||||||||||||
17,147 | 25,418 | 18,334 | Total before tax | |||||||||||||||||
-6,347 | -9,725 | -7,189 | Tax expense or benefit | |||||||||||||||||
$ | 10,800 | $ | 15,693 | $ | 11,145 | Net of tax | ||||||||||||||
Total reclassifications for the period | $ | 31,535 | $ | 33,749 | $ | 25,124 | Net of tax | |||||||||||||
(1) Included in the computation of net periodic pension cost (see Note 12 for additional details). |
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Business Segment Information (Tables) [Abstract] | |||||||||||||||||
Schedule of segment reporting information by segment | North America Segment | International Segment | Segment Total | Corporate | Total | ||||||||||||
2014 | |||||||||||||||||
Net revenue external customers | $ | 10,500,095 | $ | 5,265,011 | $ | 15,765,106 | $ | 66,507 | $ | 15,831,613 | |||||||
Inter - segment revenue | 8,992 | 343 | 9,335 | -9,335 | - | ||||||||||||
Revenue | 10,509,087 | 5,265,354 | 15,774,441 | 57,172 | 15,831,613 | ||||||||||||
Depreciation and amortization | -364,137 | -190,698 | -554,835 | -144,493 | -699,328 | ||||||||||||
Operating Income | 1,642,911 | 970,456 | 2,613,367 | -358,834 | 2,254,533 | ||||||||||||
Income (loss) from equity method investees | 18,457 | 6,381 | 24,838 | - | 24,838 | ||||||||||||
Segment assets | 16,925,685 | 6,130,597 | 23,056,282 | 2,390,819 | 25,447,101 | ||||||||||||
thereof investments in equity method investees | 291,118 | 385,704 | 676,822 | - | 676,822 | ||||||||||||
Capital expenditures, acquisitions and investments (1) | 2,006,585 | 413,124 | 2,419,709 | 290,976 | 2,710,685 | ||||||||||||
2013 | |||||||||||||||||
Net revenue external customers | $ | 9,606,111 | $ | 4,970,319 | $ | 14,576,430 | $ | 33,297 | $ | 14,609,727 | |||||||
Inter - segment revenue | 7,045 | - | 7,045 | -7,045 | - | ||||||||||||
Revenue | 9,613,156 | 4,970,319 | 14,583,475 | 26,252 | 14,609,727 | ||||||||||||
Depreciation and amortization(2) | -331,397 | -188,104 | -519,501 | -128,724 | -648,225 | ||||||||||||
Operating Income(3) | 1,623,071 | 897,191 | 2,520,262 | -264,066 | 2,256,196 | ||||||||||||
Income (loss) from equity method investees(4) | 16,388 | 9,717 | 26,105 | - | 26,105 | ||||||||||||
Segment assets | 14,698,039 | 6,177,482 | 20,875,521 | 2,244,385 | 23,119,906 | ||||||||||||
thereof investments in equity method investees | 268,370 | 396,076 | 664,446 | - | 664,446 | ||||||||||||
Capital expenditures, acquisitions and investments (5) | 789,340 | 286,420 | 1,075,760 | 167,903 | 1,243,663 | ||||||||||||
2012 | |||||||||||||||||
Net revenue external customers | $ | 9,031,108 | $ | 4,740,132 | $ | 13,771,240 | $ | 29,042 | $ | 13,800,282 | |||||||
Inter - segment revenue | 10,072 | - | 10,072 | -10,072 | - | ||||||||||||
Revenue | 9,041,180 | 4,740,132 | 13,781,312 | 18,970 | 13,800,282 | ||||||||||||
Depreciation and amortization(2) | -311,198 | -179,431 | -490,629 | -112,267 | -602,896 | ||||||||||||
Operating Income (3) | 1,597,643 | 840,644 | 2,438,287 | -219,714 | 2,218,573 | ||||||||||||
Income (loss) from equity method investees(4) | 12,844 | 4,598 | 17,442 | - | 17,442 | ||||||||||||
Segment assets | 14,170,453 | 5,892,477 | 20,062,930 | 2,263,068 | 22,325,998 | ||||||||||||
thereof investments in equity method investees | 266,521 | 370,852 | 637,373 | - | 637,373 | ||||||||||||
Capital expenditures, acquisitions and investments (6) | 2,147,522 | 230,888 | 2,378,410 | 175,808 | 2,554,218 | ||||||||||||
(1) North America and International acquisitions exclude $35,656 and $172,018, respectively, of non-cash acquisitions and investments for 2014. | |||||||||||||||||
(2) At December 31, 2013 and 2012 depreciation in the amount of $3,560 and $4,909, respectively, relating to research and development has been reclassified between the North America Segment, the International Segment and Corporate to conform to the current year’s presentation. | |||||||||||||||||
(3) At December 31, 2013 and 2012 certain items, in the net aggregate amount of $37,970 and $13,670, respectively, relating to research and development, compensation expense and income from equity method investees have been reclassified between the North America Segment, the International Segment and Corporate to conform to the current year’s presentation as applicable. | |||||||||||||||||
(4) At December 31, 2013 and 2012 income (loss) from equity method investees in the amount of $5,136 and $6,885, respectively, has been reclassified between the North America Segment, the International Segment and Corporate to conform to the current year’s presentation. | |||||||||||||||||
(5) North America and International acquisitions exclude $48,231 and $18,686, respectively, of non-cash acquisitions and investments for 2013. | |||||||||||||||||
(6) North America and International acquisitions exclude $484,699 and $6,624, respectively, of non-cash acquisitions and investments for 2012. | |||||||||||||||||
Schedule of revenue from external customers | Germany | North America | Rest of the World | Total | |||||||||||||
2014 | |||||||||||||||||
Net revenue | $ | 456,937 | $ | 10,500,095 | $ | 4,874,581 | $ | 15,831,613 | |||||||||
Long-lived assets | 543,184 | 14,790,265 | 3,182,123 | 18,515,572 | |||||||||||||
2013 | |||||||||||||||||
Net revenue | $ | 437,459 | $ | 9,606,111 | $ | 4,566,157 | $ | 14,609,727 | |||||||||
Long-lived assets | 609,040 | 12,891,384 | 3,226,779 | 16,727,203 | |||||||||||||
2012 | |||||||||||||||||
Net revenue | $ | 409,195 | $ | 9,031,108 | $ | 4,359,979 | $ | 13,800,282 | |||||||||
Long-lived assets | 493,782 | 12,428,762 | 3,185,773 | 16,108,317 |
The_Company_and_Basis_of_Prese2
The Company and Basis of Presentation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | |||
Trade accounts receivable | $3,203,655 | $3,037,274 | |
Goodwill | 13,082,180 | 11,658,187 | |
Equity | 9,443,313 | 9,234,564 | |
Revenue | 15,831,613 | 14,609,727 | 13,800,282 |
Funding provided to VIEs through loans and accounts receivable | -150,300 | -146,500 | |
Variable Interest Entity [Member] | |||
Variable Interest Entity [Line Items] | |||
Trade accounts receivable | 195,369 | 102,549 | |
Other current assets | 232,487 | 59,695 | |
Property, plant and equipment, intangible assets and other noncurrent assets | 59,351 | 26,274 | |
Goodwill | 37,934 | 32,759 | |
Accounts payable, accrued expenses and other liabilities | 485,006 | 133,977 | |
Noncurrent loans to related parties | 28,985 | 12,998 | |
Equity | 11,150 | 74,302 | |
Revenue | ($203,333) | ($205,858) | ($195,296) |
Acquisition_of_Liberty_Dialysi
Acquisition of Liberty Dialysis Holdings (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total [Abstract] | |||
Cash and noncash paid for acquisitions, investments and intangible assets | $1,779,058 | $495,725 | $1,878,908 |
Cash paid for acquisitions and investments net of cash acquired and purchases of intangible assets | -1,779,058 | -495,725 | -1,878,908 |
Acquisition only [Abstract] | |||
Net cash paid for acquisitions | -1,479,521 | -287,995 | -1,869,788 |
Goodwill, Acquired During Period | $1,710,807 | $258,216 |
Related_Party_Transactions_Det
Related Party Transactions (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Payable With Related Party [Member] | Accounts Payable With Related Party [Member] | Accounts Payable With Related Party [Member] | Accounts Payable With Related Party [Member] | Senior Notes 2019 [Member] | Senior Notes 2019 [Member] | Senior Notes 2021 [Member] | Senior Notes 2021 [Member] | Senior Notes2020 [Member] | Senior Notes2024 [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | Fresenius SE [Member] | General Partner [Member] | General Partner [Member] | Equity Method Investees [Member] | Equity Method Investees [Member] | Equity Method Investees [Member] | Equity Method Investees [Member] | Equity Method Investees [Member] | Equity Method Investees [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | Fresenius SE Subsidiary [Member] | |
Services [Member] | Services [Member] | Services [Member] | Products [Member] | Products [Member] | Products [Member] | Services [Member] | Services [Member] | Services [Member] | Lease Agreements [Member] | Lease Agreements [Member] | Lease Agreements [Member] | Products [Member] | Products [Member] | Products [Member] | Services [Member] | Services [Member] | Products [Member] | Products [Member] | USD ($) | Services [Member] | Products [Member] | Products [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Cash Pooling Agreement [Member] | Cash Pooling Agreement [Member] | Accounts Receivable with Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Payable With Related Party [Member] | Accounts Payable With Related Party [Member] | USD ($) | EUR (€) | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Payable With Related Party [Member] | USD ($) | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Sales To Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Purchases From Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Receivable with Related Party [Member] | Accounts Payable With Related Party [Member] | Accounts Payable With Related Party [Member] | Accounts Payable With Related Party [Member] | Accounts Payable With Related Party [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Services [Member] | Services [Member] | Services [Member] | Products [Member] | Products [Member] | Products [Member] | Services [Member] | Services [Member] | Services [Member] | Lease Agreements [Member] | Lease Agreements [Member] | Lease Agreements [Member] | USD ($) | EUR (€) | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Services [Member] | Products [Member] | Products [Member] | Products [Member] | Services [Member] | Services [Member] | Services [Member] | Lease Agreements [Member] | Lease Agreements [Member] | Lease Agreements [Member] | Products [Member] | Products [Member] | Products [Member] | Services [Member] | Services [Member] | Products [Member] | Products [Member] | Services [Member] | Services [Member] | Products [Member] | Products [Member] | ||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of transaction | $400,000 | $99,946 | $26,247 | $29,197 | $32,412 | $63,918 | $30,062 | $22,098 | $90,024 | $103,577 | $80,778 | $27,943 | $26,976 | $25,179 | $44,754 | $51,901 | $60,208 | $5,767 | $21,556 | $18,352 | $18,587 | $4,265 | $5,866 | $4,132 | $7,231 | $380 | $807 | $129 | $1 | $17 | $13 | $21,788 | $21,059 | $19,926 | $10,554 | $9,865 | $9,126 | $35,554 | € 22,500 | $106 | $245 | $3,134 | $2,365 | $1,821 | € 1,500 | $17,911 | $21,647 | $26,602 | $4,265 | $20,336 | $270 | $57,854 | $7,956 | $6,743 | $5,681 | $63,917 | $30,045 | $22,085 | $68,236 | $82,518 | $60,852 | $17,389 | $17,111 | $16,053 | $44,754 | $51,901 | $60,208 | $1,396 | $975 | $18,352 | $18,587 | $2,462 | $1,900 | $4,132 | $7,231 | |||||||||
Due to related parties | 140,731 | 123,929 | 1,700 | 1,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 525.00% | 525.00% | 4.13% | 4.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date of repayment | 27-Feb-15 | 12-Jun-15 | 12-Jun-15 | 27-Nov-15 | 27-Nov-15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable from related parties | 193,225 | 153,118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
senior notes | $16,273 | € 11,800 | $10,077 | € 8,300 | $1,170 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories (Details) [Abstract] | ||
Raw materials and purchased components | $170,614 | $195,519 |
Work in process | 69,910 | 76,084 |
Finished goods | 677,110 | 640,355 |
Health care supplies | 197,920 | 185,146 |
Inventories | 1,115,554 | 1,097,104 |
Epo Disclosures [Abstract] | ||
EPO Inventories | 34,752 | 33,294 |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Unrecorded Unconditional Purchase Obligation, Due within One Year | $206,054 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid expenses and other current assets details [Abstract] | ||
Prepaid Taxes | $318,480 | $133,673 |
available for sale financial assets | 168,062 | 29,185 |
Receivable from medicare medicaid | 137,543 | 130,236 |
Rebates current | 85,548 | 105,994 |
Other deferred charges | 58,315 | 62,555 |
Leases receivable | 55,503 | 48,538 |
Prepaid Rent | 53,015 | 49,409 |
Amounts due from managed locations | 34,054 | 22,676 |
Payments on account | 30,680 | 33,934 |
Derivative Instruments and Hedges, Assets | 28,241 | 16,664 |
Prepaid insurance | 21,290 | 11,854 |
Prepaid deposit | 19,447 | 19,212 |
Receivable for sale of investment | 9,335 | 21,846 |
Other prepayments current | 313,554 | 351,615 |
Total prepaid expenses and other current assets | $1,333,067 | $1,037,391 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||||
Accumulated depreciation | ($3,506,807) | ($3,747,285) | ||
Property, plant and equipment, net | 3,091,954 | 3,290,180 | ||
Depreciation expense | 600,845 | 555,125 | 515,455 | |
Land and Land Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 46,689 | 65,081 | ||
Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 2,432,824 | 2,630,431 | ||
Machinery and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 3,808,356 | 3,965,870 | ||
Assets Held under Capital Leases [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 43,239 | 62,016 | ||
Accumulated depreciation | 24,420 | 21,201 | ||
Construction in Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 267,653 | 314,067 | ||
Assets Leased to Others [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $614,797 | $597,024 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization Expense [Abstract] | |||
Amortization Of Intangible Assets | $98,483 | $93,100 | $87,441 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2014 | 96,634 | ||
2015 | 92,633 | ||
2016 | 87,653 | ||
2017 | 84,809 | ||
2018 | 81,943 | ||
Indefinite Lived Intangible Assets [Line Items] | |||
Carrying Amount | 216,617 | 217,669 | |
Intangible Assets | 869,411 | 757,876 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,397,640 | 1,248,678 | |
Accumulated Amortization | -744,846 | -708,471 | |
Goodwill [Roll Forward] | |||
Goodwill | 11,658,187 | ||
Goodwill acquired | 1,710,807 | 258,216 | |
Reclassifications | 419 | ||
Foreign Currency Translation Adjustment | -286,814 | -22,337 | |
Goodwill | 13,082,180 | 11,658,187 | |
Segment geographical countries group one (Member) | |||
Goodwill [Roll Forward] | |||
Goodwill | 9,645,647 | 9,487,013 | |
Goodwill acquired | 1,535,840 | 158,582 | |
Reclassifications | 0 | ||
Foreign Currency Translation Adjustment | -533 | 52 | |
Goodwill | 11,180,954 | 9,645,647 | |
Segment geographical countries group two (Member) | |||
Goodwill [Roll Forward] | |||
Goodwill | 1,594,157 | 1,521,359 | |
Goodwill acquired | 174,967 | 99,634 | |
Reclassifications | -3,807 | ||
Foreign Currency Translation Adjustment | -284,068 | -23,029 | |
Goodwill | 1,485,056 | 1,594,157 | |
Reporting Segment Total [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 11,239,804 | 11,008,372 | |
Goodwill acquired | 1,710,807 | 258,216 | |
Reclassifications | -3,807 | ||
Foreign Currency Translation Adjustment | -284,601 | -22,977 | |
Goodwill | 12,666,010 | 11,239,804 | |
Corporates [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 418,383 | 413,517 | |
Goodwill acquired | 0 | 0 | |
Reclassifications | 4,226 | ||
Foreign Currency Translation Adjustment | -2,213 | 640 | |
Goodwill | 416,170 | 418,383 | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 338,443 | 325,335 | |
Accumulated Amortization | -257,234 | -240,412 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 113,346 | 106,510 | |
Accumulated Amortization | -51,225 | -44,584 | |
License and distribution agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 194,810 | 223,701 | |
Accumulated Amortization | -111,754 | -112,697 | |
Self-developed software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 122,944 | 105,087 | |
Accumulated Amortization | -59,955 | -46,097 | |
Other intangible assets category [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 355,750 | 350,475 | |
Accumulated Amortization | -252,619 | -264,031 | |
Construction in Progress [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 32,653 | 39,570 | |
Accumulated Amortization | 0 | 0 | |
Customer Relationships Domain [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 239,694 | 98,000 | |
Accumulated Amortization | -12,059 | -650 | |
Tradename [Member] | |||
Indefinite Lived Intangible Assets [Line Items] | |||
Intangible Assets | 209,513 | 210,630 | |
Management contracts [Member] | |||
Indefinite Lived Intangible Assets [Line Items] | |||
Intangible Assets | $7,104 | $7,039 |
Other_Assets_and_Note_Receivab
Other Assets and Note Receivables (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Accounts Notes And Loans Receivable | |
Borrowings Available Under Notes Receivable | $200,000 |
Notes Receivable Cash Interest Rate | 10.75% |
Notes Receivable PIK Interest Rate | 11.75% |
Notes Receivable Net Payment | 180,137 |
Notes Receivable Interest Income | $3,369 |
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses And Other Liabilities (Details) [Abstract] | ||
Accrued salaries, wages and incentive plan compensations | $647,627 | $542,230 |
Unapplied cash and receivable credits | 333,858 | 302,337 |
Accrued insurance | 238,036 | 201,346 |
Accrued Operating Expenses | 139,652 | 102,914 |
Interest Accrual | 119,886 | 122,166 |
Witholding tax and VAT | 91,839 | 93,407 |
Derivative financial instruments | 53,804 | 25,701 |
Accrued variable payments acquisition | 32,984 | 18,200 |
Special charge for legal matters | 115,000 | |
Other | 539,559 | 489,232 |
Total accrued expenses and other current liabilities | $2,197,245 | $2,012,533 |
Recovered_Sheet2
Short-term Borrowings and Other Financial Liabilities and Short-term Borrowings from Related Parties (Details) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | USD ($) | General Partner [Member] | General Partner [Member] | |
USD ($) | EUR (€) | |||||
Short Term Borrowings Other Financial Liabilities And Short Term Borrowings From Related Parties (Details) [Abstract] | ||||||
Borrowings under lines of credit | $132,495 | $95,690 | ||||
Other financial liabilities | 198 | 958 | ||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction Amounts Of Transaction | 400,000 | 99,946 | 1,821 | 1,500 | ||
Interest Expense Related Party | 547 | 1,468 | 2,362 | |||
Short-term borrowings and other financial liabilities | 132,693 | 96,648 | ||||
Short Term Borrowings Due To Related Parties Current | 5,357 | 62,342 | ||||
Short-term borrowings, Other financial liabilities and Short-term borrowings from related parties | 138,050 | 158,990 | ||||
Lines of credit weighted average interest rate | 5.09% | 4.00% | ||||
Other | $144,321 | $111,259 |
Longterm_Debt_and_Capital_Leas2
Long-term Debt and Capital Lease Obligations (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 |
USD ($) | USD ($) | Amended 2006 Senior Credit Agreement [Member] | Amended 2006 Senior Credit Agreement [Member] | Revolving Credit USD [Member] | Accounts Receivable Facility | Accounts Receivable Facility | Term Loan USD [Member] | Term Loan USD [Member] | Term Loan EUR [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit USD [Member] | Revolving Credit USD [Member] | Revolving Credit EUR [Member] | Revolving Credit EUR [Member] | 2010 5.5% | 2010 5.5% | 2010 5.5% | 2011 3.58% | 2011 3.58% | 2011 3.58% | 2007 6 7/8% | 2007 6 7/8% | 2011 6.5% EUR | 2011 6.5% EUR | 2011 6.5% EUR | 2011 6.5% USD | 2011 6.5% USD | 2012 5.625% | 2012 5.625% | 2012 5.25% | 2012 5.25% | 2012 5.25% | 2011 5.75% | 2011 5.75% | 2011 5.25% | 2011 5.25% | 2011 5.25% | 2012 5.875% | 2012 5.875% | Senior Notes 2014 4.125% | Senior Notes 2014 4.75% | Euro Notes [Member] | EIB Agreements [Member] | convertible debt | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Senior Credit Agreement | $2,707,145 | $2,900,222 | ||||||||||||||||||||||||||||||||||||||||||||
Senior Long Term Notes | 5,514,947 | 4,824,753 | 46,545 | 193,074 | 451,653 | |||||||||||||||||||||||||||||||||||||||||
Capital lease obligations | 40,991 | 24,264 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 144,321 | 111,259 | 232,943 | 232,943 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt and capital lease obligations | 9,393,884 | 8,258,290 | ||||||||||||||||||||||||||||||||||||||||||||
Less current maturities | -313,607 | -511,370 | ||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt less current maturities | 9,080,277 | 7,746,920 | ||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum amount available | 4,349,870 | 3,789,550 | 1,000,000 | 2,500,000 | 2,500,000 | 364,230 | 600,000 | 485,640 | 689,550 | |||||||||||||||||||||||||||||||||||||
Revolving credit balance outstanding | 2,900,222 | 2,707,145 | 2,500,000 | 2,500,000 | 364,230 | 35,992 | 138,190 | 68,955 | ||||||||||||||||||||||||||||||||||||||
Maximum amount available | 800,000 | 800,000 | ||||||||||||||||||||||||||||||||||||||||||||
Balance outstanding | 5,514,947 | 4,824,753 | 341,750 | 351,250 | 302,537 | 342,944 | 121,410 | 137,910 | 497,781 | 496,894 | 482,097 | 546,531 | 397,084 | 396,297 | 800,000 | 800,000 | 303,525 | 344,775 | 646,283 | 645,672 | 364,230 | 413,730 | 700,000 | 700,000 | 500,000 | 400,000 | ||||||||||||||||||||
Amount of periodic principal payments | 50,000 | 6,000 | ||||||||||||||||||||||||||||||||||||||||||||
Fees associated with Senior Credit Agreement | 19,265 | |||||||||||||||||||||||||||||||||||||||||||||
Letter of credit outstanding which reduces available borrowings under the revolving credit facility | 66,622 | 65,622 | 6,893 | 9,444 | ||||||||||||||||||||||||||||||||||||||||||
Interest rate | 1.60% | 1.42% | ||||||||||||||||||||||||||||||||||||||||||||
Senior Notes Issued February 2011 [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance date | 15-Oct-20 | 15-Oct-16 | 15-Oct-16 | 15-Jul-17 | 15-Sep-18 | 15-Sep-18 | 15-Sep-18 | 31-Jul-19 | 31-Jul-19 | 31-Jul-19 | 15-Feb-21 | 15-Feb-21 | 15-Feb-21 | 19-Sep-14 | ||||||||||||||||||||||||||||||||
Issuer | FMC Finance VI S.A. 2010 FMC Finance VIII S.A. 2011 FMC US Finance, Inc. 2007 FMC Finance VIII S.A. 2011 FMC US Finance II, Inc. 2011 FMC US Finance II, Inc. 2012 FMC Finance VIII S.A. 2012 FMC US Finance, Inc. 2011 FMC Finance VII S.A. 2011 | FMC US Finance II, Inc. 2012 | FMC US Finance II, Inc. 2014 | FMC US Finance II, Inc. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Face amount | 2,500,000 | 300,000 | 1,500,000 | 1,000,000 | 400,000 | 250,000 | 100,000 | 500,000 | 400,000 | 400,000 | 800,000 | 250,000 | 650,000 | 300,000 | 700,000 | 500,000 | 400,000 | 514,080 | ||||||||||||||||||||||||||||
Stated interest rate | 5.50% | 5.50% | 3.58% | 3.58% | 6.88% | 6.50% | 6.50% | 6.50% | 5.63% | 5.25% | 5.25% | 5.75% | 5.25% | 5.25% | 5.88% | 4.13% | 4.75% | 1.12% | ||||||||||||||||||||||||||||
Maturity date | 15-Jul-16 | 15-Jul-16 | 30-Jan-20 | |||||||||||||||||||||||||||||||||||||||||||
Accounts receivable facility | 341,750 | 351,250 | ||||||||||||||||||||||||||||||||||||||||||||
Pending payments of purchase considerations | 34,973 | 94,084 | ||||||||||||||||||||||||||||||||||||||||||||
Annual Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 313,607 | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 701,714 | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 1,099,976 | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 1,120,753 | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 3,089,452 | |||||||||||||||||||||||||||||||||||||||||||||
Thereafter | $3,116,570 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligations | |||
Foreign currency translation | $46,505 | ($11,998) | |
Service cost | 18,617 | 15,900 | 10,704 |
Interest cost | 29,513 | 26,859 | 26,194 |
Transfer of plan participants | 220 | -32 | |
Actuarial (gain) loss | 234,199 | -34,698 | |
Benefits paid | -19,182 | -16,817 | |
Other adjustments | 2,203 | ||
Change in plan assets | |||
Fair value of plan assets at end of year | 248,495 | 228,393 | |
Actual return on plan assets | -3,600 | 23,058 | |
Employer contributions | 42,365 | 11,339 | |
Benefits paid, fair value | -16,402 | -14,295 | |
Fair value of plan assets at end of year | 270,858 | 248,495 | 228,393 |
Funded status, end of year | |||
Funded status at end of year | 606,864 | 412,365 | |
Amounts recognized in consolidated balance sheets | |||
Pension liabilities, current | 4,151 | 4,221 | |
Pension liabilities, noncurrent | 642,318 | 435,858 | |
Pension plan with an accumulated benefit obliagation in excess of plan assets | |||
Accumulated benefit obligation for all defined benefit plans | 811,359 | 614,576 | |
Accumulated benefit obligation for all defined benefit plans with an obligation in excess of plan assets | 811,359 | 614,576 | |
Net amount recognized | |||
Benefit plans offered by other subsidiaries | 41,990 | 29,321 | |
Net amount recognized | $648,854 | $441,686 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (United States Pension Plans of US Entity, Defined Benefit [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $877,722 | $660,860 | $655,447 |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pre-tax changes recognized in Other Comprehensive Income (AOCI) [Abstract] | |||
Adjustments related to pensions beginning balance | $184,778 | ||
Actuarial (gain) loss for the year | 253,969 | -44,118 | 119,685 |
Other adjustments pensions pre tax | 563 | ||
Amortization of unrealized losses | -17,147 | -25,418 | -18,334 |
Foreign currency translation adjustment | -21,661 | 3,984 | 1,827 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.23% | 4.55% | |
Rate of compensation increase | 3.28% | 3.29% | |
Components Of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 18,617 | 15,900 | 10,704 |
Interest cost | 29,513 | 26,859 | 26,194 |
Expected return on plan assets | -16,169 | -13,638 | -15,241 |
Amortization of unrealized losses | 17,147 | 25,418 | 18,334 |
Net periodic benefit costs | 49,108 | 54,539 | 39,991 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.55% | 4.14% | 5.10% |
Expected return on plan assets | 6.00% | 6.00% | 7.00% |
Rate of compensation increase | 3.29% | 3.32% | 3.69% |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2014 | 19,752 | ||
2015 | 21,633 | ||
2016 | 23,461 | ||
2017 | 25,154 | ||
2018 | 27,271 | ||
2019 - 2023 | $170,331 |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements By Level [Line Items] | ||
Total | $270,858 | $248,495 |
Equity Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Equity investments | 69,485 | 62,003 |
Other types of investments | 6,050 | 5,603 |
Government Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 1,629 | 4,913 |
All Other Corporate Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 155,389 | |
Other Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 4,573 | 1,437 |
U S Treasury Money Market Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 7,989 | 19,150 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Total | 14,579 | 28,693 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Equity investments | -310 | |
Other types of investments | 6,050 | 5,603 |
Fair Value, Inputs, Level 1 [Member] | Government Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 850 | 3,735 |
Fair Value, Inputs, Level 1 [Member] | All Other Corporate Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 181,132 | |
Fair Value, Inputs, Level 1 [Member] | U S Treasury Money Market Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 7,989 | 19,150 |
Significant Observable Inputs (Level 2) | ||
Fair Value Measurements By Level [Line Items] | ||
Total | 256,279 | 219,802 |
Significant Observable Inputs (Level 2) | Equity Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Equity investments | 69,795 | 61,798 |
Significant Observable Inputs (Level 2) | Government Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 779 | 1,178 |
Significant Observable Inputs (Level 2) | All Other Corporate Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 181,132 | 155,389 |
Significant Observable Inputs (Level 2) | Other Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | $4,573 | $1,437 |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 4) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Discount Rate [Member] | |
Defined Benefit Plan Liability Increase Decrease (Line Items) | |
0.5% Increase | ($76,765) |
0.5% Decrease | 88,257 |
Rate of Compensation Increase [Member] | |
Defined Benefit Plan Liability Increase Decrease (Line Items) | |
0.5% Increase | 10,266 |
0.5% Decrease | -10,164 |
Rate Of Pension Increase [Member] | |
Defined Benefit Plan Liability Increase Decrease (Line Items) | |
0.5% Increase | 28,010 |
0.5% Decrease | ($25,325) |
Noncontrolling_Interests_Subje2
Noncontrolling Interests Subject to Put Provisions (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncontrolling Interests Subject To Put Provisions (Details) [Abstract] | ||||
Potential obligations under the put provisions | $824,658 | $648,251 | ||
Temporary Equity [Line Items] | ||||
Noncontrolling interests subject to put provisions beginning balance | 648,251 | |||
Net income attributable to noncontrolling interest | 1,259,808 | 1,255,623 | 1,326,977 | |
Other Comprehensive Income Loss Net Of Tax | -543,242 | -60,518 | -6,525 | |
Noncontrolling interests subject to put provisions ending balance | 824,658 | 648,251 | ||
Put provisions exercisable | 123,846 | 119,148 | ||
Noncontrolling interests subject to put provisions [Member] | ||||
Temporary Equity [Line Items] | ||||
contributions to noncontrolling interests | -142,696 | -122,179 | -114,536 | |
Purchase (sale) of noncontrolling interests | 83,252 | 6,723 | 134,643 | |
Cash contributions from noncontrolling interests | 16,064 | 17,767 | 16,565 | |
Changes in fair value of noncontrolling interests | 89,767 | 108,575 | -18,880 | |
Net income attributable to noncontrolling interest | 133,593 | 113,156 | 94,718 | |
Other Comprehensive Income Loss Net Of Tax | ($3,573) | $949 | $259 | $410,491 |
Sources_Of_Revenue_Details
Sources Of Revenue (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | $9,957,851 | $9,057,006 | $8,510,165 |
Medicare ESRD program | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | 4,677,053 | 4,411,285 | 4,029,773 |
Private/alternative payors | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | 4,278,847 | 3,841,473 | 3,605,081 |
Medicaid and other government sources | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | 433,092 | 392,908 | 474,520 |
Hospitals | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | $568,859 | $411,340 | $400,791 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | |||
Common stock authorized | 392,462,972 | ||
Stock options beginning balance | 9,189,000 | ||
Weighted average remaining contractual life in years | 2 years 6 months | ||
Stock options exercised during the period | 2,108,521 | 2,280,439 | |
Payment of dividends | $317,903 | $296,134 | $271,733 |
Common Stock, No par value [Member] | |||
Class of Stock [Line Items] | |||
Stock options beginning balance | 10,791,000 | ||
Stock options exercised during the period | 2,109,000 |
Shareholders_Equity_Details_1
Shareholders' Equity (Details 1) | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
May 2013 [Member] | May 2013 [Member] | June 2013[Member] | June 2013[Member] | July 2013 [Member] | July 2013 [Member] | August 2013 [Member] | August 2013 [Member] | Total [Member] | Total [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |
shares repurchased (line items) | ||||||||||
Average price paid per share | $68.48 | € 52.96 | $69.95 | € 53.05 | $64.63 | € 49.42 | $64.30 | € 48.40 | $66.90 | € 51 |
Total number of shares purchased as part of publicly announced plans or programs | 1,078,255 | 1,078,255 | 2,502,552 | 2,502,552 | 2,972,770 | 2,972,770 | 995,374 | 995,374 | 7,548,951 | 7,548,951 |
Total Value of Shares Repurchased | $73,842 | € 57,107 | $175,047 | € 132,769 | $192,124 | € 146,916 | $64,001 | € 48,174 | $505,014 | € 384,966 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerators: | |||
Income attributable to the Company | $1,045,266 | $1,109,890 | $1,186,809 |
Less: Dividend preference on Preference shares | 102 | ||
Income available to all classes of shares | $1,045,266 | $1,109,890 | $1,186,707 |
Denominators: | |||
Weighted average number of ordinary shares outstanding | 302,339,124 | 301,877,303 | 301,139,652 |
Weighted average number of preference shares outstanding | 1,937,819 | 3,969,307 | |
Total weighted average shares outstanding | 302,339,124 | 303,815,122 | 305,108,959 |
Potentially dilutive Ordinary shares | 528,772 | 673,089 | 1,761,064 |
Potentially dilutive Preference shares | 16,851 | ||
Total weighted average Ordinary shares outstanding assuming dilution | 302,867,896 | 302,550,392 | 302,900,716 |
Basic income per Ordinary share | $3.46 | $3.65 | $3.89 |
Fully diluted income per Ordinary share | $3.45 | $3.65 | $3.87 |
Stock_Options_Details
Stock Options (Details) | 12 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | Common Stock, No par value [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards granted | 1,677 | |||||
Weighted average exercise price | $61.14 | $68.61 | € 50.35 | € 49.75 | ||
Options Awarded | 1,677 | |||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||||
Compensation expense | $8,507 | $13,593 | $26,476 |
Stock_Options_Details_1
Stock Options (Details 1) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
Common Stock, No par value [Member] | Common Stock, No par value [Member] | |||
USD ($) | EUR (€) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Stock options beginning balance | 10,791,000 | 10,791,000 | ||
Awards granted | 1,677,000 | 1,677,000 | ||
Stock options exercised during the period | 2,108,521 | 2,280,439 | 2,109,000 | 2,109,000 |
Options forfeited | 1,170,000 | 1,170,000 | ||
Stock options ending balance | 9,189,000 | |||
Stock Options Transactions Weighted Average Price Per Share [Roll Forward] | ||||
Weighted average price per share beginning balance | $55.64 | € 45.83 | ||
Granted | $61.14 | € 50.35 | ||
Forfeited | $62.90 | € 51.81 | ||
Exercised | $42.70 | € 35.17 | ||
Weighted average price per share ending balance | $58.69 | € 48.34 | ||
Share Based Compensation Arrangement By Share Based Payment Awards Option Vested And Expected To Vest [LineItems] | ||||
Number of options | 2,539 | 2,539 | ||
Weighted average remaining contractual life in years | 2 years 6 months | |||
Weighted average exercise price | $45.38 | € 37.38 | ||
Aggregate intrinsic value | $75,443 | € 62,139 |
Stock_Options_Details_2
Stock Options (Details 2) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | EUR (€) | USD ($) | EUR (€) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,189 | 9,189 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Expected dividend yield | 1.99% | 1.99% | 2.00% | 2.00% |
Risk - free interest rate | 0.83% | 0.83% | 1.33% | 1.33% |
Expected volatility | 22.16% | 22.16% | 22.44% | 22.44% |
Weighted average exercise price | $61.14 | € 50.35 | $68.61 | € 49.75 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before income taxes is attributable to the following geographic locations: | ||||
Germany | $243,684 | $234,336 | $263,651 | |
United States | 1,262,570 | 1,254,690 | 1,356,094 | |
Other | 337,152 | 358,609 | 312,368 | |
Income before income taxes | 1,843,406 | 1,847,635 | 1,932,113 | |
Current income tax expense or benefit [Abstract] | ||||
Germany | 72,613 | 81,117 | 52,862 | |
United States | 270,676 | 387,017 | 342,250 | |
Other | 141,291 | 116,186 | 139,136 | |
Total income tax expense current | 484,580 | 584,320 | 534,248 | |
Deferred income tax expense or benefit [Abstract] | ||||
Germany | -22,651 | -33,106 | 10,478 | |
United States | 152,423 | 47,298 | 98,200 | |
Other | -30,754 | -6,500 | -37,790 | |
Total income tax expense deferred | 99,018 | 7,692 | 70,888 | |
Income tax expense | 583,598 | 592,012 | 605,136 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 28.46% | 28.71% | 29.13% | |
Deferred tax assets: | ||||
Accounts receivable, primarily due to allowance for doubtful accounts | 7,007 | 8,789 | ||
Inventory, primarily due to additional costs capitalized for tax purposes, and inventory reserve accounts | 9,424 | 9,731 | ||
Plant, equipment, intangible assets and other noncurrent assets, principally due to differences in depreciation and amortization | 29,144 | 20,093 | ||
Accrued expenses and other liabilities for financial accounting purposes, not currently tax deductible | 285,333 | 305,664 | ||
Net operating loss carryforwards, tax credit carryforwards and interest carryforwards | 138,934 | 141,727 | ||
Derivatives | 10,912 | 2,169 | ||
Stock-based compensation expense | 11,934 | 22,710 | ||
Other | 12,407 | 13,632 | ||
Total deferred tax assets | 675,754 | 622,473 | ||
Less: valuation allowance [N] | -49,479 | -48,563 | ||
Net deferred tax assets | 626,275 | 573,910 | ||
Pensions | 170,659 | 97,958 | ||
Deferred tax liabilities: | ||||
Accounts receivable | 40,453 | 43,031 | ||
Inventory, primarily due to inventory reserve accounts for tax purposes | 10,316 | 12,264 | ||
Accrued expenses and other liabilities for financial reporting purposes, not currently tax deductible | 10,368 | 17,197 | ||
Plant, equipment and intangible assets, primarily due to differences in depreciation and amortization | 867,677 | 776,254 | ||
Derivatives | 4,177 | 2,274 | ||
Other | 146,274 | 117,255 | ||
Total deferred tax liabilities | 1,079,265 | 968,275 | ||
Net deferred tax assets (liabilities) | -452,990 | -394,365 | ||
Estimated future tax liabilities associtaed with earnings that are likely to be distributed in 2011 and following years | 12,853 | |||
Undistributed earning of foreign subsidiaries | 6,622,324 | 6,269,794 | ||
Unrecognized tax benefits (net of interest) | ||||
Beginning balance | 199,924 | 225,198 | 223,829 | |
Increases in unrecognized tax benefits prior periods | 35,584 | 25,260 | 13,232 | |
Decreases in unrecognized tax benefits prior periods | -21,143 | -11,445 | -5,913 | |
Increases in unrecognized tax benefits current period | 12,600 | 10,062 | 17,903 | |
Changes related to settlements with tax authorities | -60,872 | -52,325 | -14,763 | |
Reductions as a result of a lapse of the statute of limitations | 0 | 0 | 0 | |
Foreign currency translation | 15 | 3,174 | -9,090 | |
Ending balance | 166,108 | 199,924 | 225,198 | 223,829 |
Unrecognized tax benefits which would affect the effective tax rate if recognized | 162,010 | |||
Amount of potential reduction of unrecognized tax benefits | 205,781 | |||
Valuation Allowance [Line Items] | ||||
Valuation allowance increase | 8,619 | 8,302 | ||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 289,957 | |||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 37,000 | |||
Interest and penalties recognized | 2,525 | |||
Accrual for tax related interest and penalties | 60,705 | |||
Operating Loss Carryforwards Expiration In One Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 12,083 | |||
Operating Loss Carryforwards Expiration In Two Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 16,516 | |||
Operating Loss Carryforwards Expiration In Three Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 23,223 | |||
Operating Loss Carryforwards Expiration In Four Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 24,469 | |||
Operating Loss Carryforwards Expiration In Five Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 40,685 | |||
Operating Loss Carryforwards Expiration In Six Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 10,150 | |||
Operating Loss Carryforwards Expiration In Seven Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 7,216 | |||
Operating Loss Carryforwards Expiration In Eight Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 11,811 | |||
Operating Loss Carryforwards Expiration In Nine Years [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 9,434 | |||
Operating Loss Carryforwards Expiration In Ten Years And Thereafter [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 33,367 | |||
Operating Loss Carryforwards No Expiration Date [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $101,003 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation between the expected and actual income tax expense | |||
Expected corporate income tax expense | $538,275 | $538,770 | $554,613 |
Tax free income [N] | -39,441 | -64,141 | -90,943 |
Tax rate differentials | 148,294 | 132,977 | 137,527 |
Non-deductible expenses | 25,161 | 20,564 | 19,961 |
Taxes for prior year | -25,247 | -6,389 | 22,420 |
Change in valuation allowance | 6,284 | 3,154 | -19,680 |
Noncontrolling partnership interests [N] | -81,594 | -55,023 | -49,081 |
Other | 17,342 | 26,969 | 32,452 |
Tax portion of income from at equity investments | -5,476 | -4,869 | -2,133 |
Income tax expense | $583,598 | $592,012 | $605,136 |
Effective tax rate | 31.66% | 32.04% | 31.32% |
Operating_Leases_Details
Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Receivable (Details) [Abstract] | |
2014 | $661,366 |
2015 | 583,491 |
2016 | 477,370 |
2016 | 396,689 |
2017 | 329,722 |
Thereafter | 1,130,293 |
Total | $3,578,931 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Insurance Claims [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Insurance Claims [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual Carrying Value Current | $115,000 |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Cash and cash equivalents | $633,855 | $682,777 | $688,040 | $457,292 |
Accounts receivable | 3,220,518 | |||
available for sale securities | 38,949 | |||
Long-term notes receivable | 175,768 | |||
Liabilities: | ||||
Short-term borrowings | 132,693 | 96,648 | ||
Short-term borrowings from related parties | 5,357 | 62,342 | ||
Senior Credit Agreement | 2,707,145 | |||
Senior Long Term Notes | 5,514,947 | 4,824,753 | ||
Noncontrolling interests subject to put provisions | 824,658 | 648,251 | ||
Euro Notes [Member] | ||||
Liabilities: | ||||
Senior Long Term Notes | 46,545 | |||
Carrying Reported Amount Fair Value Disclosure [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 633,855 | 682,777 | ||
Accounts receivable | 3,431,672 | |||
available for sale securities | 171,917 | |||
Long-term notes receivable | 180,250 | |||
Liabilities: | ||||
Accounts Payable | 713,915 | 666,526 | ||
Short-term borrowings | 138,050 | 158,990 | ||
Long term debt, excluding Amended 2006 Senior Credit Agreement, Euro Notes and Senior Notes | 527,062 | 679,847 | ||
Senior Credit Agreement | 2,900,222 | 2,707,145 | ||
Senior Long Term Notes | 5,514,947 | 4,824,753 | ||
Convertible Debt | 451,653 | |||
Noncontrolling interests subject to put provisions | 824,658 | 648,251 | ||
Carrying Reported Amount Fair Value Disclosure [Member] | Euro Notes [Member] | ||||
Liabilities: | ||||
Senior Long Term Notes | 46,545 | |||
Portion At Fair Value Fair Value Disclosure [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 633,855 | |||
Accounts receivable | 3,431,672 | 3,220,518 | ||
available for sale securities | 171,917 | 38,949 | ||
Long-term notes receivable | 180,308 | 165,807 | ||
Liabilities: | ||||
Accounts Payable | 713,915 | 666,526 | ||
Short-term borrowings | 138,050 | 158,990 | ||
Long term debt, excluding Amended 2006 Senior Credit Agreement, Euro Notes and Senior Notes | 527,062 | 679,847 | ||
Senior Credit Agreement | 2,900,222 | 2,710,270 | ||
Senior Long Term Notes | 5,992,859 | 5,348,679 | ||
Convertible Debt | 531,193 | |||
Noncontrolling interests subject to put provisions | 824,658 | 648,251 | ||
Portion At Fair Value Fair Value Disclosure [Member] | Euro Notes [Member] | ||||
Liabilities: | ||||
Senior Long Term Notes | $47,423 |
Financial_Instruments_Details_
Financial Instruments (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | $2,659 | $5,744 |
Liabilities | -29,365 | -7,485 |
Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 91,349 | 12,739 |
Liabilities | -95,199 | -23,802 |
Foreign Exchange Contract Current [Member] | Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 2,659 | 4,985 |
Liabilities | -24,509 | -2,719 |
Foreign Exchange Contract Current [Member] | Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 25,582 | 11,679 |
Liabilities | -29,295 | -22,982 |
Foreign Exchange Contract Non Current [Member] | Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 759 | |
Liabilities | -77 | -374 |
Foreign Exchange Contract Non Current [Member] | Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 1,060 | |
Liabilities | -137 | -820 |
Interest Rate Contract Non Current Dollar [Member] | Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | -4,779 | -4,392 |
embedded derivative | Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | -65,767 | |
Bond option | Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | $65,767 |
Financial_Instruments_Details_1
Financial Instruments (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | $29,120 | $25,449 |
Designated As Hedging Instrument [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | -3,573 | -2,917 |
Designated As Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 19,550 | -6,601 |
Designated As Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | -23,123 | 3,684 |
Nondesignated as Hedging Instrument [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | -77,418 | -8,029 |
Interest Income Expense [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 26,571 | 28,111 |
Interest Income Expense [Member] | Nondesignated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 6,483 | 7,161 |
Cost Of Sale [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 2,549 | -3,251 |
Selling general and administrative expense [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 589 | |
Selling general and administrative expense [Member] | Nondesignated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | ($83,901) | ($15,190) |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||
Changes in fair value of cash flow hedges during the period - pretax | ($3,573) | ($2,917) | $5,072 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,417 | 1,346 | -21,171 |
Changes in fair value of cash flow hedges during the period, OCI net of tax | -2,156 | -1,571 | -16,099 |
Reclassification adjustments - pretax | 29,120 | 25,449 | 18,947 |
Reclassification adjustments - tax effect | -8,385 | -7,393 | -4,968 |
Reclassification adjustments - net | 20,735 | 18,056 | 13,979 |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | 25,547 | 22,532 | 24,019 |
Total other comprehensive income (loss) relating to cash flow hedges, tax effect | -6,968 | -6,047 | -26,139 |
Total other comprehensive income (loss) relating to cash flow hedges, OCI net of tax | 18,579 | 16,485 | -2,120 |
Foreign-currency translation adjustment - pretax | -421,789 | -114,439 | 63,803 |
Foreign-currency translation adjustment - net | -415,703 | -112,395 | 63,982 |
Adjustments related to pension obligations - net | -140,032 | 37,436 | -68,208 |
Other comprehensive income (loss) - tax effect | 68,161 | -33,600 | 8,831 |
Other comprehensive income (loss), net of tax | ($543,242) | ($60,518) | ($6,525) |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
Other Comprehensive Income Loss Net Of Tax | ($543,242) | ($60,518) | ($6,525) |
Other comprehensive income (loss) relating to cash flow hedges, pretax: | |||
Changes in fair value of cash flow hedges during the period, pretax | -3,573 | -2,917 | 5,072 |
Reclassification adjustments, pretax | -29,120 | -25,449 | -18,947 |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | 25,547 | 22,532 | 24,019 |
Foreign-currency translation adjustment, pretax | -415,703 | -112,395 | 63,982 |
Defined benefit pension plans, pretax: | |||
Actuarial (loss) gain on defined benefit pension plans, pretax | 232,308 | -39,571 | 121,512 |
Reclassification adjustments, pretax | 17,147 | 25,418 | 18,334 |
Total other comprehensive income (loss) relating to defined benefit pension plans, pretax | -215,161 | 64,989 | -103,178 |
Other comprehensive income (loss), pretax | -605,317 | -24,874 | -15,177 |
Other Comprehensive Income (Loss), Tax | |||
Other comprehensive income (loss) relating to cash flow hedges, tax effect: | -6,968 | -6,047 | -26,139 |
Changes in fair value of cash flow hedges during the period, tax effect | 1,417 | 1,346 | -21,171 |
Reclassification adjustments, tax effect | 8,385 | 7,393 | 4,968 |
Total other comprehensive income (loss) relating to cash flow hedges, tax effect | -6,968 | -6,047 | -26,139 |
Changes in fair value of cash flow hedges during the period, tax effect | 1,417 | 1,346 | -21,171 |
Reclassification adjustments, tax effect | 8,385 | 7,393 | 4,968 |
Defined benefit pension plans, tax effect: | 75,129 | -27,553 | 34,970 |
Actuarial (loss) gain on defined benefit pension plans, tax effect | 81,476 | -17,828 | 42,159 |
Reclassification adjustments, tax effect | 6,347 | 9,725 | 7,189 |
Total other comprehensive income (loss) relating to defined benefit pension plans, tax effect | -75,129 | 27,553 | -34,970 |
Actuarial (loss) gain on defined benefit pension plans, tax effect | 81,476 | -17,828 | 42,159 |
Reclassification adjustments, tax effect | 6,347 | 9,725 | 7,189 |
Other comprehensive income (loss), tax effect | 68,161 | -33,600 | 8,831 |
Comprehensive Income (Loss), Net before NCI | |||
Other comprehensive income (loss) relating to cash flow hedges, net before NCI: | 18,579 | 16,485 | -2,120 |
Changes in fair value of cash flow hedges during the period, net before NCI | -2,156 | -1,571 | -16,099 |
Reclassification adjustments, net before NCI | -20,735 | -18,056 | -13,979 |
Total other comprehensive income (loss) relating to cash flow hedges, net before NCI | 18,579 | 16,485 | -2,120 |
Changes in fair value of cash flow hedges during the period, net before NCI | -2,156 | -1,571 | -16,099 |
Reclassification adjustments, net before NCI | -20,735 | -18,056 | -13,979 |
Foreign-currency translation adjustment, net before NCI | -415,703 | -112,395 | 63,982 |
Defined benefit pension plans, net before NCI: | |||
Actuarial (loss) gain on defined benefit pension plans, net before NCI | -150,832 | 21,743 | -79,353 |
Reclassification adjustments, net before NCI | 10,800 | 15,693 | 11,145 |
Total other comprehensive income (loss) relating to defined benefit pension plans, net before NCI | 140,032 | -37,436 | 68,208 |
Other comprehensive income (loss), net before NCI | -537,156 | -58,474 | -6,346 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | |||
Other comprehensive income (loss) relating to cash flow hedges, net before NCI: | 18,579 | 16,485 | -2,120 |
Changes in fair value of cash flow hedges during the period, net before NCI | -2,156 | -1,571 | -16,099 |
Reclassification adjustments, net before NCI | -20,735 | -18,056 | -13,979 |
Foreign-currency translation adjustment, Non-controlling interests | -6,086 | -2,044 | -179 |
Other comprehensive income (loss), Non-controlling interests | -6,086 | -2,044 | -179 |
Other comprehensive income (loss) relating to cash flow hedges, OCI net of tax: | |||
Changes in fair value of cash flow hedges during the period, OCI net of tax | -2,156 | -1,571 | -16,099 |
Reclassification adjustments, OCI net of tax | -20,735 | -18,056 | -13,979 |
Total other comprehensive income (loss) relating to cash flow hedges, OCI net of tax | 18,579 | 16,485 | -2,120 |
Foreign-currency translation adjustment - net | -421,789 | -114,439 | 63,803 |
Defined benefit pension plans, OCI net of tax: | |||
Actuarial (loss) gain on defined benefit pension plans, OCI net of tax | -150,832 | 21,743 | -79,353 |
Reclassification adjustments, OCI net of tax | 10,800 | 15,693 | 11,145 |
Total other comprehensive income (loss) relating to defined benefit pension plans, OCI net of tax | -140,032 | 37,436 | -68,208 |
Other comprehensive income (loss), net of tax | ($543,242) | ($60,518) | ($6,525) |
Other_Comprehensive_Income_Los4
Other Comprehensive Income (Loss) (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | ||||
Other Comprehensive Income Loss Net Of Tax | ($543,242) | ($60,518) | ($6,525) | |
Statement [Line Items] | ||||
Balance | -550,587 | -482,719 | ||
Net current period other comprehensive income | -543,242 | -60,518 | -6,525 | |
Balance | -1,087,743 | -550,587 | ||
OtherComprehensiveIncomeRollforward [Member] | ||||
Statement [Line Items] | ||||
Balance | -549,762 | -489,244 | ||
Other comprehensive income before reclassifications | -574,777 | -94,267 | -31,649 | |
Amounts reclassified from Accumulated Other comprehensive income | -31,535 | -33,749 | -25,124 | |
Net current period other comprehensive income | -543,242 | -60,518 | -6,525 | |
Balance | -1,093,004 | -549,762 | -489,244 | |
Total FMC-AG and Co. KGaA [Member] | ||||
Statement [Line Items] | ||||
Balance | -485,767 | |||
Balance | -485,767 | |||
Total FMC-AG and Co. KGaA [Member] | OtherComprehensiveIncomeRollforward [Member] | ||||
Statement [Line Items] | ||||
Balance | -550,587 | -492,113 | ||
Other comprehensive income before reclassifications | -568,691 | -92,223 | -31,470 | |
Amounts reclassified from Accumulated Other comprehensive income | -31,535 | -33,749 | -25,124 | |
Net current period other comprehensive income | -537,156 | -58,474 | -6,346 | |
Balance | -1,087,743 | -550,587 | -492,113 | |
Accumulated net gain loss from designated or qualifying cash flow hedges (member) | ||||
Statement [Line Items] | ||||
Balance | -136,221 | |||
Balance | -136,221 | |||
Accumulated net gain loss from designated or qualifying cash flow hedges (member) | OtherComprehensiveIncomeRollforward [Member] | ||||
Statement [Line Items] | ||||
Balance | -121,856 | -138,341 | ||
Other comprehensive income before reclassifications | -2,156 | -1,571 | -16,099 | |
Amounts reclassified from Accumulated Other comprehensive income | -20,735 | -18,056 | -13,979 | |
Net current period other comprehensive income | 18,579 | 16,485 | -2,120 | |
Balance | -103,277 | -121,856 | -138,341 | |
AccumulatedDefinedBenefitPlansAdjustmentMember | ||||
Statement [Line Items] | ||||
Balance | -111,215 | |||
Balance | -111,215 | |||
AccumulatedDefinedBenefitPlansAdjustmentMember | OtherComprehensiveIncomeRollforward [Member] | ||||
Statement [Line Items] | ||||
Balance | -141,987 | -179,423 | ||
Other comprehensive income before reclassifications | -150,832 | 21,743 | -79,353 | |
Amounts reclassified from Accumulated Other comprehensive income | -10,800 | -15,693 | -11,145 | |
Net current period other comprehensive income | -140,032 | 37,436 | -68,208 | |
Balance | -282,019 | -141,987 | -179,423 | |
AccumulatedTranslationAdjustmentMember | ||||
Statement [Line Items] | ||||
Balance | -238,331 | |||
Balance | -238,331 | |||
AccumulatedTranslationAdjustmentMember | OtherComprehensiveIncomeRollforward [Member] | ||||
Statement [Line Items] | ||||
Balance | -286,744 | -174,349 | ||
Other comprehensive income before reclassifications | -415,703 | -112,395 | 63,982 | |
Net current period other comprehensive income | -415,703 | -112,395 | 63,982 | |
Balance | -702,447 | -286,744 | -174,349 | |
Noncontrolling interests not subject to put provisions [Member] | ||||
Statement [Line Items] | ||||
Balance | 3,048 | |||
Balance | 3,048 | |||
Noncontrolling interests not subject to put provisions [Member] | OtherComprehensiveIncomeRollforward [Member] | ||||
Statement [Line Items] | ||||
Balance | 825 | 2,869 | ||
Other comprehensive income before reclassifications | -6,086 | -2,044 | -179 | |
Net current period other comprehensive income | -6,086 | -2,044 | -179 | |
Balance | ($5,261) | $825 | $2,869 |
Other_Comprehensive_Income_Los5
Other Comprehensive Income (Loss) (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
Other Comprehensive Income Loss Net Of Tax | ($543,242) | ($60,518) | ($6,525) |
(Gains) and losses on cash flow hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 29,120 | 25,449 | 18,947 |
Tax expense or benefit | -1,417 | -1,346 | 21,171 |
Net of tax | -2,156 | -1,571 | -16,099 |
Other comprehensive incomeDefined benefit plans adjustment net of tax period increase decrease [LineItems] | |||
Total before tax | 232,308 | -39,571 | 121,512 |
Tax expense or benefit | -81,476 | 17,828 | -42,159 |
Net of tax | -8,385 | -7,393 | -4,968 |
OCI actuarial reclassifications sub [Member] | |||
Other comprehensive incomeDefined benefit plans adjustment net of tax period increase decrease [LineItems] | |||
Actuarial (gains)/losses | -17,147 | -25,418 | -18,334 |
Total before tax | -17,147 | -25,418 | -18,334 |
Tax expense or benefit | 6,347 | 9,725 | 7,189 |
Net of tax | 10,800 | 15,693 | 11,145 |
Total reclassification for the period | -31,535 | -33,749 | -25,124 |
OCIReclassifications [Member] | |||
(Gains) and losses on cash flow hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 29,120 | 25,449 | 18,947 |
Tax expense or benefit | 8,385 | 7,393 | 4,968 |
Net of tax | 20,735 | 18,056 | 13,979 |
Interest Rate Contract [Member] | Interest Income Or Expense [Member] | |||
(Gains) and losses on cash flow hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 26,571 | 28,111 | 23,779 |
Foreign Exchange Contract [Member] | Cost Of Sales [Member] | |||
(Gains) and losses on cash flow hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 2,549 | -3,251 | -5,414 |
Foreign Exchange Contract [Member] | Interest Income Or Expense [Member] | |||
(Gains) and losses on cash flow hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | $589 | $582 |
Supplementary_Cash_Flow_Inform1
Supplementary Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary cash flow information: | |||
Cash paid for interest | $379,978 | $374,648 | $349,415 |
Cash paid for income taxes, net of tax refund | 689,954 | 542,625 | 552,711 |
Tax Benefit From Stock Options Exercised 1 | 8,529 | 8,882 | 21,008 |
Supplemental disclosures of cash flow information, details for acquisitions: | |||
Acquisition purchase price allocation assets acquired | -2,505,027 | -417,669 | -2,519,189 |
Acquisition purchase price allocation liabilities assumed | 450,808 | 31,335 | 241,342 |
Noncontrolling interest subject to put provisions | 95,015 | 15,460 | 123,210 |
Noncontrolling interest | 328,997 | 9,104 | 104,947 |
Acquisition purchase price allocation notes payable and long term debt | 18,253 | 66,917 | 6,624 |
Cash paid | -1,611,954 | -294,853 | -2,043,066 |
Less cash acquired | 132,433 | 6,858 | 173,278 |
Net cash paid for acquisitions | -1,479,521 | -287,995 | -1,869,788 |
Cash Paid For Investments | -274,913 | -195,921 | -387 |
Cash paid for intangible assets | -24,624 | -11,809 | -8,733 |
Cash paid for acquisitions and investments net of cash acquired and purchases of intangible assets | ($1,779,058) | ($495,725) | ($1,878,908) |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Segment revenue | $5,265,354 | ||
Income (Loss) From Equity Method Investments | -24,838 | -26,105 | -17,442 |
thereof investment in equity method investees | 676,822 | 664,446 | |
Total FMC-AG and Co. KGaA [Member] | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 15,831,613 | 14,609,727 | 13,800,282 |
Segment revenue | 15,831,613 | 14,609,727 | 13,800,282 |
Segment depreciation and amortization | -699,328 | -648,225 | -602,896 |
Segment operating income | 2,254,533 | 2,256,196 | 2,218,573 |
Income (Loss) From Equity Method Investments | 24,838 | 26,105 | 17,442 |
Segment assets | 25,447,101 | 23,119,906 | 22,325,998 |
thereof investment in equity method investees | 676,822 | 664,446 | 637,373 |
Capital expenditures, acquisitions and investments | 2,710,685 | 1,243,663 | 2,554,218 |
Segment Total [Member] | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 15,765,106 | 14,576,430 | 13,771,240 |
Revenues from transactions with other same entity operating segments | 9,335 | 7,045 | 10,072 |
Segment revenue | 15,774,441 | 14,583,475 | 13,781,312 |
Segment depreciation and amortization | -554,835 | -519,501 | -490,629 |
Segment operating income | 2,613,367 | 2,520,262 | 2,438,287 |
Income (Loss) From Equity Method Investments | 24,838 | 26,105 | 17,442 |
Segment assets | 23,056,282 | 20,875,521 | 20,062,930 |
thereof investment in equity method investees | 676,822 | 664,446 | 637,373 |
Capital expenditures, acquisitions and investments | 2,419,709 | 1,075,760 | 2,378,410 |
Segment geographical countries group one (Member) | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 10,500,095 | 9,606,111 | 9,031,108 |
Revenues from transactions with other same entity operating segments | 8,992 | 7,045 | 10,072 |
Segment revenue | 10,509,087 | 9,613,156 | 9,041,180 |
Segment depreciation and amortization | -364,137 | -331,397 | -311,198 |
Segment operating income | 1,642,911 | 1,623,071 | 1,597,643 |
Income (Loss) From Equity Method Investments | 18,457 | 16,388 | 12,844 |
Segment assets | 16,925,685 | 14,698,039 | 14,170,453 |
thereof investment in equity method investees | 291,118 | 268,370 | 266,521 |
Capital expenditures, acquisitions and investments | 2,006,585 | 789,340 | 2,147,522 |
Segment geographical countries group two (Member) | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 5,265,011 | 4,970,319 | 4,740,132 |
Revenues from transactions with other same entity operating segments | 343 | ||
Segment revenue | 4,970,319 | 4,740,132 | |
Segment depreciation and amortization | -190,698 | -188,104 | -179,431 |
Segment operating income | 970,456 | 897,191 | 840,644 |
Income (Loss) From Equity Method Investments | 6,381 | 9,717 | 4,598 |
Segment assets | 6,130,597 | 6,177,482 | 5,892,477 |
thereof investment in equity method investees | 385,704 | 396,076 | 370,852 |
Capital expenditures, acquisitions and investments | 413,124 | 286,420 | 230,888 |
Corporates [Member] | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 66,507 | 33,297 | 29,042 |
Revenues from transactions with other same entity operating segments | -9,335 | -7,045 | -10,072 |
Segment revenue | 57,172 | 26,252 | 18,970 |
Segment depreciation and amortization | -144,493 | -128,724 | -112,267 |
Segment operating income | -358,834 | -264,066 | -219,714 |
Income (Loss) From Equity Method Investments | 0 | 0 | 0 |
Segment assets | 2,390,819 | 2,244,385 | 2,263,068 |
thereof investment in equity method investees | 0 | 0 | 0 |
Capital expenditures, acquisitions and investments | $290,976 | $167,903 | $175,808 |
Supplemental_Condensed_Combini1
Supplemental Condensed Combining Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Income | ||||
Net revenue | $15,831,613 | $14,609,727 | $13,800,282 | |
Cost of revenues | 10,835,767 | 9,871,330 | 9,199,029 | |
Gross profit | 4,995,846 | 4,738,397 | 4,601,253 | |
Research and development | 122,114 | 125,805 | 111,631 | |
Operating income | 2,254,533 | 2,256,196 | 2,218,573 | |
Investment gain | 139,600 | |||
Income before income taxes | 1,843,406 | 1,847,635 | 1,932,113 | |
Income tax expense | 583,598 | 592,012 | 605,136 | |
Net Income | 1,259,808 | 1,255,623 | 1,326,977 | |
Less: Net income attributable to noncontrolling interests | 214,542 | 145,733 | 140,168 | |
Income attributable to the Company | 1,045,266 | 1,109,890 | 1,186,809 | |
Current assets: | ||||
Cash and cash equivalents | 633,855 | 682,777 | 688,040 | 457,292 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 3,203,655 | 3,037,274 | ||
Accounts receivable from related parties | 193,225 | 153,118 | ||
Inventories | 1,115,554 | 1,097,104 | ||
Prepaid expenses and other current assets | 1,333,067 | 1,037,391 | ||
Deferred tax asset, current | 245,354 | 279,052 | ||
Total current assets | 6,724,710 | 6,286,716 | ||
Property, plant and equipment, net | 3,290,180 | 3,091,954 | ||
Intangible assets | 869,411 | 757,876 | ||
Goodwill | 13,082,180 | 11,658,187 | ||
Deferred tax asset, non-current | 141,052 | 104,167 | ||
Total assets | 25,447,101 | 23,119,906 | ||
Current liabilities: | ||||
Accounts payable | 573,184 | 542,597 | ||
Accounts payable to related parties | 140,731 | 123,929 | ||
Accrued expenses and other current liabilities | 2,197,245 | 2,012,533 | ||
Short-term borrowings and other financial liabilities | 132,693 | 96,648 | ||
Short Term Borrowings Due To Related Parties Current | 5,357 | 62,342 | ||
Current portion of long-term debt and capital lease obligations | 313,607 | 511,370 | ||
Income tax payable, current | 79,687 | 170,360 | ||
Deferred tax liability, current | 34,787 | 34,194 | ||
Total current liabilities | 3,477,291 | 3,553,973 | ||
Total long-term debt less current maturities | 9,080,277 | 7,746,920 | ||
Other liabilities | 411,976 | 329,561 | ||
Pension liabilities | 642,318 | 435,858 | ||
Income tax payable, non-current | 177,601 | 176,933 | ||
Deferred tax liability, non-current | 804,609 | 743,390 | ||
Total liabilities | 14,594,072 | 12,986,635 | ||
Noncontrolling interests subject to put provisions | 824,658 | 648,251 | ||
Company shareholders' equity | 9,443,313 | 9,234,564 | ||
Noncontrolling interests not subject to put provisions | 585,058 | 250,456 | ||
Total equity | 10,028,371 | 9,485,020 | ||
Total liabilities and equity | 25,447,101 | 23,119,906 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 1,259,808 | 1,255,623 | 1,326,977 | |
Other comprehensive income (loss), net of tax | -543,242 | -60,518 | -6,525 | |
Total comprehensive income | 716,566 | 1,195,105 | 1,320,452 | |
Comprehensive income attributable to noncontrolling interests | -208,456 | -143,689 | -139,989 | |
Comprehensive income attributable to the Company | 508,110 | 1,051,416 | 1,180,463 | |
Issuers [Member] | ||||
Consolidated Statements of Income | ||||
Interest, net | 6,930 | 6,871 | 6,839 | |
Income before income taxes | 6,930 | 6,871 | 6,839 | |
Income tax expense | 2,524 | 2,494 | 2,482 | |
Net Income | 4,406 | 4,377 | 4,357 | |
Income attributable to the Company | 4,406 | 4,377 | 4,357 | |
Current assets: | ||||
Cash and cash equivalents | 1 | 0 | 1 | 1 |
Accounts receivable from related parties | 1,266,916 | 1,269,092 | ||
Total current assets | 1,266,917 | 1,269,092 | ||
Total assets | 1,266,917 | 1,269,092 | ||
Current liabilities: | ||||
Accrued expenses and other current liabilities | 29,771 | 29,770 | ||
Total current liabilities | 29,771 | 29,770 | ||
Total long-term debt less current maturities | 1,162,534 | 1,167,466 | ||
Income tax payable, non-current | 637 | 2,287 | ||
Total liabilities | 1,192,942 | 1,199,523 | ||
Company shareholders' equity | 73,975 | 69,569 | ||
Total equity | 73,975 | 69,569 | ||
Total liabilities and equity | 1,266,917 | 1,269,092 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 4,406 | 4,377 | 4,357 | |
Guarantors [Member] | Total FMC-AG and Co. KGaA [Member] | ||||
Consolidated Statements of Income | ||||
Selling, general and administrative | 234,170 | 184,054 | 59,222 | |
Operating income | -234,170 | -184,054 | -59,222 | |
Interest, net | -238,554 | -210,759 | -216,914 | |
Other, net | -1,555,399 | -1,545,184 | -1,531,505 | |
Income before income taxes | 1,082,675 | 1,150,371 | 1,255,369 | |
Income tax expense | 37,409 | 40,481 | 68,560 | |
Net Income | 1,045,266 | 1,109,890 | 1,186,809 | |
Income attributable to the Company | 1,045,266 | 1,109,890 | 1,186,809 | |
Current assets: | ||||
Cash and cash equivalents | 117 | 13 | 78 | 2 |
Accounts receivable from related parties | 5,558,131 | 960,137 | ||
Prepaid expenses and other current assets | 76,846 | 71,939 | ||
Total current assets | 5,635,094 | 1,032,089 | ||
Property, plant and equipment, net | 566 | 734 | ||
Intangible assets | 945 | 501 | ||
Deferred tax asset, non-current | 81,555 | 80,931 | ||
Other assets | 9,154,819 | 13,955,933 | ||
Total assets | 14,872,979 | 15,070,188 | ||
Current liabilities: | ||||
Accounts payable | 1,844 | 2,193 | ||
Accounts payable to related parties | 1,452,812 | 1,896,712 | ||
Accrued expenses and other current liabilities | 61,367 | 45,897 | ||
Short-term borrowings and other financial liabilities | 1 | 60 | ||
Current portion of long-term debt and capital lease obligations | 55,391 | 271,090 | ||
Income tax payable, current | 13,663 | 114,197 | ||
Deferred tax liability, current | 1,573 | 2,331 | ||
Total current liabilities | 1,586,651 | 2,332,480 | ||
Total long-term debt less current maturities | 855,029 | 96,699 | ||
Long term borrowings from related parties | 2,891,256 | 3,359,606 | ||
Other liabilities | 70,823 | 5,616 | ||
Pension liabilities | 14,872 | 10,377 | ||
Income tax payable, non-current | 11,035 | 30,846 | ||
Total liabilities | 5,429,666 | 5,835,624 | ||
Company shareholders' equity | 9,443,313 | 9,234,564 | ||
Total equity | 9,443,313 | 9,234,564 | ||
Total liabilities and equity | 14,872,979 | 15,070,188 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 1,045,266 | 1,109,890 | 1,186,809 | |
Guarantors [Member] | D GmbH [Member] | ||||
Consolidated Statements of Income | ||||
Net revenue | 2,211,756 | 2,084,014 | 1,884,622 | |
Cost of revenues | 1,395,295 | 1,356,114 | 1,197,337 | |
Gross profit | 816,461 | 727,900 | 687,285 | |
Selling, general and administrative | 198,789 | 284,589 | 203,284 | |
Research and development | 74,338 | 72,638 | 69,025 | |
Operating income | 543,334 | 370,673 | 414,976 | |
Interest, net | 5,029 | -5,922 | -2,682 | |
Other, net | 382,870 | 259,165 | 261,505 | |
Income before income taxes | 425,638 | 105,586 | 150,789 | |
Income tax expense | -136,469 | 108,837 | 119,255 | |
Net Income | 562,107 | -3,251 | 31,534 | |
Income attributable to the Company | 15,225 | -3,251 | 31,534 | |
Current assets: | ||||
Cash and cash equivalents | 5,722 | 4,490 | 501 | 144 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 165,090 | 152,480 | ||
Accounts receivable from related parties | 840,302 | 815,748 | ||
Inventories | 231,127 | 287,625 | ||
Prepaid expenses and other current assets | 43,387 | 41,240 | ||
Total current assets | 1,285,628 | 1,301,583 | ||
Property, plant and equipment, net | 260,662 | 238,469 | ||
Intangible assets | 64,679 | 73,166 | ||
Goodwill | 55,312 | 62,829 | ||
Deferred tax asset, non-current | 38,291 | 14,209 | ||
Other assets | 45,297 | 47,661 | ||
Total assets | 1,749,869 | 1,737,917 | ||
Current liabilities: | ||||
Accounts payable | 34,798 | 28,689 | ||
Accounts payable to related parties | 587,677 | 522,719 | ||
Accrued expenses and other current liabilities | 141,392 | 129,727 | ||
Deferred tax liability, current | 7,992 | 9,002 | ||
Total current liabilities | 771,859 | 690,137 | ||
Other liabilities | 1,615 | 6,028 | ||
Pension liabilities | 324,156 | 254,233 | ||
Total liabilities | 1,097,630 | 950,398 | ||
Noncontrolling interests subject to put provisions | 0 | 0 | ||
Company shareholders' equity | 652,239 | 787,519 | ||
Total equity | 652,239 | 787,519 | ||
Total liabilities and equity | 1,749,869 | 1,737,917 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 562,107 | -3,251 | 31,534 | |
Guarantors [Member] | FMCH [Member] | ||||
Consolidated Statements of Income | ||||
Selling, general and administrative | 147,203 | -48,563 | -78,297 | |
Operating income | -147,203 | 48,563 | 78,297 | |
Interest, net | -198,726 | -176,643 | -156,794 | |
Other, net | -771,567 | -816,954 | -910,777 | |
Income before income taxes | 165,493 | 688,874 | 832,280 | |
Income tax expense | 150,268 | -50,528 | -30,967 | |
Net Income | 15,225 | 739,402 | 863,247 | |
Income attributable to the Company | 562,107 | 739,402 | 863,247 | |
Current assets: | ||||
Accounts receivable from related parties | 2,570,654 | 1,643,394 | ||
Prepaid expenses and other current assets | 183 | 167 | ||
Total current assets | 2,570,837 | 1,643,561 | ||
Other assets | 13,267,706 | 12,583,487 | ||
Total assets | 15,838,543 | 14,227,048 | ||
Current liabilities: | ||||
Accounts payable to related parties | 1,662,032 | 1,600,480 | ||
Accrued expenses and other current liabilities | 9,240 | 9,403 | ||
Current portion of long-term debt and capital lease obligations | 200,000 | 200,000 | ||
Total current liabilities | 1,871,272 | 1,809,883 | ||
Total long-term debt less current maturities | 2,335,992 | 2,438,189 | ||
Long term borrowings from related parties | 2,833,854 | 2,092,818 | ||
Other liabilities | 170,149 | |||
Total liabilities | 7,211,267 | 6,340,890 | ||
Company shareholders' equity | 8,392,135 | 7,651,017 | ||
redeemable preferred stock | 235,141 | 235,141 | ||
Total equity | 8,392,135 | 7,651,017 | ||
Total liabilities and equity | 15,838,543 | 14,227,048 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 15,225 | 739,402 | 863,247 | |
Non Guarantor Subsidiaries [Member] | ||||
Consolidated Statements of Income | ||||
Net revenue | 17,159,641 | 15,825,782 | 14,806,815 | |
Cost of revenues | 12,929,889 | 11,789,397 | 10,876,513 | |
Gross profit | 4,229,752 | 4,036,385 | 3,930,302 | |
Selling, general and administrative | 2,046,499 | 2,070,503 | 2,057,304 | |
Research and development | 47,776 | 53,336 | 42,442 | |
Operating income | 2,135,477 | 1,912,546 | 1,830,556 | |
Investment gain | -139,600 | |||
Interest, net | 14,181 | -22,108 | -71,797 | |
Income before income taxes | 2,149,658 | 1,890,438 | 1,898,359 | |
Income tax expense | 832,919 | 684,151 | 687,964 | |
Net Income | 1,316,739 | 1,206,287 | 1,210,395 | |
Less: Net income attributable to noncontrolling interests | 214,542 | 145,733 | 140,168 | |
Income attributable to the Company | 1,102,197 | 1,060,554 | 1,070,227 | |
Current assets: | ||||
Cash and cash equivalents | 628,015 | 672,206 | 686,457 | 457,145 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 3,037,010 | 2,882,736 | ||
Accounts receivable from related parties | 3,544,817 | 4,073,975 | ||
Inventories | 1,038,591 | 946,790 | ||
Prepaid expenses and other current assets | 1,182,301 | 879,085 | ||
Deferred tax asset, current | 290,064 | 322,337 | ||
Total current assets | 9,720,798 | 9,777,129 | ||
Property, plant and equipment, net | 3,147,750 | 2,980,268 | ||
Intangible assets | 799,958 | 684,290 | ||
Goodwill | 13,026,868 | 11,595,358 | ||
Deferred tax asset, non-current | 129,927 | 118,306 | ||
Other assets | 6,662,384 | 5,234,132 | ||
Total assets | 33,487,685 | 30,389,483 | ||
Current liabilities: | ||||
Accounts payable | 536,542 | 511,715 | ||
Accounts payable to related parties | 10,232,251 | 4,931,344 | ||
Accrued expenses and other current liabilities | 1,982,051 | 1,786,709 | ||
Short-term borrowings and other financial liabilities | 132,692 | 96,588 | ||
Short Term Borrowings Due To Related Parties Current | 5,357 | 62,342 | ||
Current portion of long-term debt and capital lease obligations | 58,216 | 40,280 | ||
Income tax payable, current | 66,024 | 56,163 | ||
Deferred tax liability, current | 47,555 | 64,539 | ||
Total current liabilities | 13,060,688 | 7,549,680 | ||
Total long-term debt less current maturities | 7,783,062 | 7,478,944 | ||
Long term borrowings from related parties | 72,505 | 6,940 | ||
Other liabilities | 147,015 | 298,313 | ||
Pension liabilities | 296,531 | 171,248 | ||
Income tax payable, non-current | 48,370 | 20,262 | ||
Deferred tax liability, non-current | 831,050 | 768,156 | ||
Total liabilities | 22,239,221 | 16,293,543 | ||
Noncontrolling interests subject to put provisions | 824,658 | 648,251 | ||
Company shareholders' equity | 10,073,889 | 13,432,374 | ||
Noncontrolling interests not subject to put provisions | 585,058 | 250,456 | ||
redeemable preferred stock | -235,141 | -235,141 | ||
Total equity | 10,658,947 | 13,682,830 | ||
Total liabilities and equity | 33,487,685 | 30,389,483 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 1,316,739 | 1,206,287 | 1,210,395 | |
Combining Adjustment [Member] | ||||
Consolidated Statements of Income | ||||
Net revenue | -3,539,784 | -3,300,069 | -2,891,155 | |
Cost of revenues | -3,489,417 | -3,274,181 | -2,874,821 | |
Gross profit | -50,367 | -25,888 | -16,334 | |
Selling, general and administrative | -7,462 | -134,187 | 29,536 | |
Research and development | -169 | 164 | ||
Operating income | -42,905 | 108,468 | -46,034 | |
Interest, net | 13 | 15,288 | ||
Other, net | 1,944,096 | 2,102,973 | 2,180,777 | |
Income before income taxes | -1,986,988 | -1,994,505 | -2,211,523 | |
Income tax expense | -303,053 | -193,423 | -242,158 | |
Net Income | -1,683,935 | -1,801,082 | -1,969,365 | |
Income attributable to the Company | -1,683,935 | -1,801,082 | -1,969,365 | |
Current assets: | ||||
Cash and cash equivalents | 6,068 | 1,003 | ||
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 1,555 | 2,058 | ||
Accounts receivable from related parties | -13,587,595 | -8,609,228 | ||
Inventories | -154,164 | -137,311 | ||
Prepaid expenses and other current assets | 30,350 | 44,960 | ||
Deferred tax asset, current | -44,710 | -43,285 | ||
Total current assets | -13,754,564 | -8,736,738 | ||
Property, plant and equipment, net | -118,798 | -127,517 | ||
Intangible assets | 3,829 | -81 | ||
Deferred tax asset, non-current | -108,721 | -109,279 | ||
Other assets | -27,790,638 | -30,600,207 | ||
Total assets | -41,768,892 | -39,573,822 | ||
Current liabilities: | ||||
Accounts payable to related parties | -13,794,041 | -8,827,326 | ||
Accrued expenses and other current liabilities | -26,576 | 11,027 | ||
Deferred tax liability, current | -22,333 | -41,678 | ||
Total current liabilities | -13,842,950 | -8,857,977 | ||
Total long-term debt less current maturities | -3,056,340 | -3,434,378 | ||
Long term borrowings from related parties | -5,797,615 | -5,459,364 | ||
Other liabilities | 22,374 | 19,604 | ||
Pension liabilities | 6,759 | |||
Income tax payable, non-current | 117,559 | 123,538 | ||
Deferred tax liability, non-current | -26,441 | -24,766 | ||
Total liabilities | -22,576,654 | -17,633,343 | ||
Company shareholders' equity | -19,192,238 | -21,940,479 | ||
Total equity | -19,192,238 | -21,940,479 | ||
Total liabilities and equity | -41,768,892 | -39,573,822 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | ($1,683,935) | ($1,801,082) | ($1,969,365) |
Supplemental_Condensed_Combini2
Supplemental Condensed Combining Information (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net Income | $1,259,808 | $1,255,623 | $1,326,977 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 699,328 | 648,225 | 602,896 |
Change in deferred taxes, net | 113,790 | 15,913 | 75,170 |
Investment gain | 139,600 | ||
Stock Option Compensation Expense | 8,507 | 13,593 | 26,476 |
Cash outflow from hedging | 0 | -4,073 | -13,947 |
Equity Method Investments | 676,822 | 664,446 | |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | -157,411 | -41,280 | -43,344 |
Inventories, net | -85,758 | -54,918 | -48,279 |
Prepaid expenses, other current and non-current assets | -24,179 | 67,875 | 88,413 |
Accounts payable, accrued expenses and other current and non-current liabilities | 121,424 | 215,264 | 225,586 |
Income tax payable | -94,916 | -36,057 | -38,478 |
Net cash provided by (used in) operating activities | 1,861,392 | 2,034,805 | 2,039,063 |
Investing Activities: | |||
Purchases of property, plant and equipment | -931,627 | -747,938 | -675,310 |
Proceeds from sale of property, plant and equipment | 11,673 | 19,847 | 9,667 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | -1,779,058 | -495,725 | -1,878,908 |
Proceeds from divestitures | 8,257 | 18,276 | 263,306 |
Net cash (used in) provided by investing activities | -2,690,755 | -1,205,540 | -2,281,245 |
Financing Activities: | |||
Increase (decrease) of accounts receivable securitization program | -9,500 | 189,250 | -372,500 |
Proceeds from exercise of stock options | 107,047 | 111,300 | 121,126 |
Payment of dividends [N] | -317,903 | -296,134 | -271,733 |
Distributions to noncontrolling interests | 250,271 | 216,758 | 195,023 |
Contributions from noncontrolling interests | 42,356 | 66,467 | 37,704 |
Net cash (used in) provided by financing activities | 805,011 | -808,040 | 468,340 |
Proceeds from conversion of preference shares into ordinary shares | 0 | -34,784 | |
Effect of exchange rate changes on cash and cash equivalents | -24,570 | -26,488 | 4,590 |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | -48,922 | -5,263 | 230,748 |
Cash and cash equivalents at beginning of period | 682,777 | 688,040 | 457,292 |
Cash and cash equivalents at end of period | 633,855 | 682,777 | 688,040 |
Issuers [Member] | |||
Operating Activities: | |||
Net Income | 4,406 | 4,377 | 4,357 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Accounts receivable from/payable to related parties | -3 | -8 | -3,724 |
Income tax payable | -1,650 | 174 | 97 |
Net cash provided by (used in) operating activities | 2,753 | 4,543 | 730 |
Financing Activities: | |||
Long-term debt and capital lease obligations, net | -2,752 | -4,544 | -730 |
Net cash (used in) provided by financing activities | -2,752 | -4,544 | -730 |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | 1 | -1 | |
Cash and cash equivalents at beginning of period | 0 | 1 | 1 |
Cash and cash equivalents at end of period | 1 | 0 | 1 |
Guarantors [Member] | Total FMC-AG and Co. KGaA [Member] | |||
Operating Activities: | |||
Net Income | 1,045,266 | 1,109,890 | 1,186,809 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income Loss From Equity Method Investments Net Of Dividends Or Distributions | 4,211,195 | -924,138 | -1,002,965 |
Depreciation and amortization | 632 | 689 | 519 |
Change in deferred taxes, net | -18,444 | -34,548 | 1,994 |
(Gain) loss on sale of fixed assets and investments | -43 | -40 | |
Loss (gain) on investments | -13,862 | 1,247 | |
Write-off of loans from related parties | 67,629 | 91,593 | 7,527 |
Stock Option Compensation Expense | 6,307 | -13,593 | -26,476 |
Cash outflow from hedging | 4,073 | -1,322 | |
Equity Method Investments | 42,087 | ||
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Prepaid expenses, other current and non-current assets | 20,961 | 46,352 | 148,172 |
Accounts receivable from/payable to related parties | -5,222,902 | -334,000 | 1,653,955 |
Accounts payable, accrued expenses and other current and non-current liabilities | 29,906 | 11,469 | -1,884 |
Income tax payable | -112,696 | 7,917 | -137 |
Net cash provided by (used in) operating activities | 83,803 | 7,646 | 2,059,448 |
Investing Activities: | |||
Purchases of property, plant and equipment | -835 | -320 | -485 |
Proceeds from sale of property, plant and equipment | 48 | 40 | |
Disbursements of loans to related parties | -163,172 | 911,133 | -1,551,372 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | -273,204 | -103,308 | -1,618,662 |
Proceeds from divestitures | 44 | ||
Net cash (used in) provided by investing activities | -437,211 | 807,553 | -3,170,435 |
Financing Activities: | |||
Short-term borrowings, net | 1,803 | 20 | -24,338 |
Long-term debt and capital lease obligations, net | 540,825 | -140,374 | 1,308,572 |
Proceeds from exercise of stock options | 98,523 | 102,419 | 100,178 |
Payment of dividends [N] | -317,903 | -296,134 | -271,733 |
Proceeds From Repurchase Of Equity | -505,014 | ||
Net cash (used in) provided by financing activities | 323,248 | -804,299 | 1,112,679 |
Proceeds from conversion of preference shares into ordinary shares | -34,784 | ||
Effect of exchange rate changes on cash and cash equivalents | 30,264 | -10,965 | -1,616 |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | 104 | -65 | 76 |
Cash and cash equivalents at beginning of period | 13 | 78 | 2 |
Cash and cash equivalents at end of period | 117 | 13 | 78 |
Guarantors [Member] | D GmbH [Member] | |||
Operating Activities: | |||
Net Income | 562,107 | -3,251 | 31,534 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 55,433 | 52,029 | 47,832 |
Change in deferred taxes, net | -2,212 | 3,149 | 4,113 |
(Gain) loss on sale of fixed assets and investments | 131 | 437 | -163 |
Loss (gain) on investments | -986 | -61 | |
Write-off of loans from related parties | 7,371 | ||
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | -33,760 | 14,851 | -23,848 |
Inventories, net | 24,166 | -4,162 | -40,910 |
Prepaid expenses, other current and non-current assets | 10,742 | -11,519 | -13,633 |
Accounts receivable from/payable to related parties | 6,481 | 644,752 | -49,477 |
Accounts payable, accrued expenses and other current and non-current liabilities | 47,061 | 21,203 | 33,157 |
Net cash provided by (used in) operating activities | 131,624 | 717,428 | -11,395 |
Investing Activities: | |||
Purchases of property, plant and equipment | -111,994 | -76,096 | -78,272 |
Proceeds from sale of property, plant and equipment | 454 | 583 | 407 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | -15,168 | -24,503 | -2,021 |
Net cash (used in) provided by investing activities | -126,708 | -100,016 | -79,886 |
Financing Activities: | |||
Short-term borrowings, net | -2,982 | -613,593 | 91,628 |
Net cash (used in) provided by financing activities | -2,982 | -613,593 | 91,628 |
Effect of exchange rate changes on cash and cash equivalents | -702 | 170 | 10 |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | 1,232 | 3,989 | 357 |
Cash and cash equivalents at beginning of period | 4,490 | 501 | 144 |
Cash and cash equivalents at end of period | 5,722 | 4,490 | 501 |
Guarantors [Member] | FMCH [Member] | |||
Operating Activities: | |||
Net Income | 15,225 | 739,402 | 863,247 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income Loss From Equity Method Investments Net Of Dividends Or Distributions | -771,567 | -816,954 | -910,777 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Prepaid expenses, other current and non-current assets | 149,106 | -44,179 | -64,830 |
Accounts receivable from/payable to related parties | -814,972 | 128,185 | 117,090 |
Accounts payable, accrued expenses and other current and non-current liabilities | 1,754 | 6,246 | 1,024 |
Income tax payable | -136,469 | -50,528 | -30,967 |
Net cash provided by (used in) operating activities | -1,010,041 | -37,828 | -25,213 |
Investing Activities: | |||
Disbursements of loans to related parties | 249,485 | 141,347 | 289,879 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | -1,800 | -1,000 | |
Net cash (used in) provided by investing activities | 247,685 | 140,347 | 289,879 |
Financing Activities: | |||
Long-term debt and capital lease obligations, net | 762,356 | 1,596,569 | -264,666 |
Payment of dividends [N] | -684,229 | ||
Net cash (used in) provided by financing activities | 762,356 | -102,519 | -264,666 |
Non Guarantor Subsidiaries [Member] | |||
Operating Activities: | |||
Net Income | 1,316,739 | 1,206,287 | 1,210,395 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income Loss From Equity Method Investments Net Of Dividends Or Distributions | -10,403 | ||
Depreciation and amortization | 676,704 | 629,071 | 583,375 |
Change in deferred taxes, net | 145,601 | 46,888 | 71,744 |
(Gain) loss on sale of fixed assets and investments | 2,523 | -33,378 | -29,321 |
Investment gain | -139,600 | ||
Stock Option Compensation Expense | 2,200 | ||
Cash outflow from hedging | 15,269 | ||
Equity Method Investments | -18,964 | ||
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | -123,932 | -54,149 | -19,496 |
Inventories, net | -148,719 | -70,848 | -11,532 |
Prepaid expenses, other current and non-current assets | -198,834 | 72,114 | 37,633 |
Accounts receivable from/payable to related parties | 948,813 | -559,991 | -1,788,646 |
Accounts payable, accrued expenses and other current and non-current liabilities | 42,577 | 181,426 | 193,756 |
Income tax payable | 146,271 | 7,661 | 13,927 |
Net cash provided by (used in) operating activities | 2,790,979 | 1,404,471 | 93,025 |
Investing Activities: | |||
Purchases of property, plant and equipment | -863,362 | -712,213 | -638,394 |
Proceeds from sale of property, plant and equipment | 11,219 | 19,216 | 9,220 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | -1,773,964 | -492,683 | -1,876,310 |
Proceeds from divestitures | 8,257 | 18,276 | 263,306 |
Net cash (used in) provided by investing activities | -2,617,850 | -1,167,404 | -2,242,178 |
Financing Activities: | |||
Short-term borrowings, net | -28,172 | 597,859 | -80,241 |
Long-term debt and capital lease obligations, net | -124,109 | -2,680,352 | 1,380,034 |
Increase (decrease) of accounts receivable securitization program | -9,500 | 189,250 | -372,500 |
Proceeds from exercise of stock options | 8,524 | 8,881 | 20,948 |
Payment of dividends [N] | -20,387 | 681,345 | -241 |
Proceeds From Repurchase Of Equity | 218,371 | ||
Distributions to noncontrolling interests | 250,271 | 216,758 | -195,023 |
Contributions from noncontrolling interests | 42,356 | 66,467 | 37,704 |
Net cash (used in) provided by financing activities | -163,188 | -235,625 | 2,372,269 |
Effect of exchange rate changes on cash and cash equivalents | -54,132 | -15,693 | 6,196 |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | -44,191 | -14,251 | 229,312 |
Cash and cash equivalents at beginning of period | 672,206 | 686,457 | 457,145 |
Cash and cash equivalents at end of period | 628,015 | 672,206 | 686,457 |
Combining Adjustment [Member] | |||
Operating Activities: | |||
Net Income | -1,683,935 | -1,801,082 | -1,969,365 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income Loss From Equity Method Investments Net Of Dividends Or Distributions | -3,439,628 | 1,741,092 | 1,924,145 |
Depreciation and amortization | -33,441 | -33,564 | -28,830 |
Change in deferred taxes, net | -11,155 | 424 | -2,681 |
Loss (gain) on investments | 14,848 | 61 | -1,247 |
Write-off of loans from related parties | -75,000 | -91,593 | -7,527 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 281 | -1,982 | |
Inventories, net | 38,795 | 20,092 | 4,163 |
Prepaid expenses, other current and non-current assets | -6,154 | 5,107 | -18,929 |
Accounts receivable from/payable to related parties | 5,077,605 | 106,351 | 55,007 |
Accounts payable, accrued expenses and other current and non-current liabilities | 126 | -5,080 | -467 |
Income tax payable | 9,628 | -1,281 | -21,398 |
Net cash provided by (used in) operating activities | -137,726 | -61,455 | -77,532 |
Investing Activities: | |||
Purchases of property, plant and equipment | 44,564 | 40,691 | 41,841 |
Disbursements of loans to related parties | -86,313 | -1,052,480 | 1,261,493 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 285,078 | 125,769 | 1,618,085 |
Proceeds from divestitures | -44 | ||
Net cash (used in) provided by investing activities | 243,329 | -886,020 | 2,921,375 |
Financing Activities: | |||
Long-term debt and capital lease obligations, net | 86,313 | 1,052,480 | -1,261,493 |
Payment of dividends [N] | 20,387 | 2,884 | 241 |
Proceeds From Repurchase Of Equity | -218,371 | ||
Net cash (used in) provided by financing activities | -111,671 | 952,540 | -2,842,840 |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | -6,068 | 5,065 | 1,003 |
Cash and cash equivalents at beginning of period | 6,068 | 1,003 | |
Cash and cash equivalents at end of period | $6,068 | $1,003 |
Development_of_Allowance_for_D1
Development of Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowance [Line Items] | |||
Allowance for doubtful accounts as of January 1 | $299,751 | ||
Change in valuation allowances as recorded in the consolidated statements of income | 325,451 | 336,090 | 303,508 |
Write-offs and recoveries of amounts previously written off | -309,058 | -249,783 | -273,643 |
Foreign currency translation | -11,050 | -2,035 | -723 |
Allowance for doubtful accounts as of December 31 | $418,508 | $413,165 | $328,893 |